Equibles

8-K

BXP, Inc. (BXP)

8-K 2024-07-30 For: 2024-07-30
View Original
Added on April 08, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 30, 2024

BXP, INC.

BOSTON PROPERTIES LIMITED PARTNERSHIP

(Exact Name of Registrants As Specified in its Charter)

BXP, Inc. Delaware 1-13087 04-2473675
(State or Other Jurisdiction<br>of Incorporation) (Commission File Number) (IRS Employer<br>Identification No.)
Boston Properties Limited Partnership Delaware 0-50209 04-3372948
(State or Other Jurisdiction<br>of Incorporation) (Commission File Number) (IRS Employer<br>Identification No.)

800 Boylston Street, Suite 1900, Boston, Massachusetts 02199

(Address of Principal Executive Offices) (Zip Code)

(617) 236-3300

(Registrants’ telephone number, including area code)

BOSTON PROPERTIES, INC.

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions (see General Instruction A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Registrant Title of each class Trading Symbol(s) Name of each exchange on which registered
BXP, Inc. Common Stock, par value $0.01 per share BXP New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

BXP, Inc.:

Emerging growth company ☐

Boston Properties Limited Partnership:

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

BXP, Inc. ☐         Boston Properties Limited Partnership ☐

Item 2.02.    Results of Operations and Financial Condition.

The information in this Item 2.02 - “Results of Operations and Financial Condition” is being furnished. Such information, including Exhibits 99.1 and 99.2 hereto, shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.

On July 30, 2024, BXP, Inc. (the “Company”), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the second quarter ended 2024. That press release referred to certain supplemental information that is available on the Company’s website. The text of the supplemental information and the press release are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description
*99.1 BXP, Inc. Supplemental Operating and Financial Data for the quarter ended June 30, 2024.
*99.2 Press release dated July 30, 2024.
*101.SCH Inline XBRL Taxonomy Extension Schema Document.
*101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document.
*101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document.
*101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document.
*104 Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*).

______________

* Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

BXP, INC.
By: /s/    MICHAEL E. LABELLE
Michael E. LaBelle
Executive Vice President, Chief Financial Officer
and Treasurer
BOSTON PROPERTIES LIMITED PARTNERSHIP
By: BXP, Inc., its General Partner
By: /s/    MICHAEL E. LABELLE
Michael E. LaBelle
Executive Vice President, Chief Financial Officer
and Treasurer

Date: July 30, 2024

Document

Exhibit 99.1

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Supplemental Operating and Financial Data

for the Quarter Ended June 30, 2024

THE COMPANY

BXP, Inc. (NYSE: BXP) (formerly known as Boston Properties, Inc.) (“BXP” or the “Company”) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). Including properties owned by joint ventures, BXP’s portfolio totals 53.5 million square feet and 186 properties, including 10 properties under construction/redevelopment. BXP’s properties include 164 office properties, 14 retail properties (including one retail property under construction), seven residential properties (including two residential properties under construction) and one hotel. BXP is well-known for its in-house building management expertise and responsiveness to clients’ needs. BXP holds a superior track record of developing premium Central Business District (CBD) office buildings, successful mixed-use complexes, suburban office centers and build-to-suit projects for a diverse array of creditworthy clients. BXP actively works to promote its growth and operations in a sustainable and responsible manner.  BXP has earned a twelfth consecutive GRESB “Green Star” recognition and the highest GRESB 5-star Rating and was named one of the world’s most sustainable companies by TIME Magazine. BXP, an S&P 500 company, was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and became a public company in 1997.

On July 1, 2024, BXP formally completed the change of its corporate name from Boston Properties, Inc. to BXP, Inc. Having grown to six regions, the change telegraphed to stakeholders that while Boston remains a key part of BXP’s history, founding, and portfolio, future growth will come throughout its regions: Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP aspires to be the real estate industry partner of choice and premier workplace leader in all of the cities in which it operates, and the evolution of BXP’s name reflects a national, not singular city, focus.

FORWARD-LOOKING STATEMENTS

This Supplemental package contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words “anticipates,” “believes,” “budgeted,” “could,” “estimates,” “expects,” “guidance,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “will,” and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond BXP’s control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, the risks and uncertainties related to the impact of changes in general economic and capital market conditions, including continued inflation, high interest rates, supply chain disruptions, labor market disruptions, dislocation and volatility in capital markets, potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the U.S. or global economy, general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, changes in client preferences and space utilization, dependence on clients’ financial condition, and competition from other developers, owners and operators of real estate), the impact of geopolitical conflicts, the immediate and long-term impact of the outbreak of a highly infectious or contagious disease on our and our clients’ financial condition, results of operations and cash flows (including the impact of actions taken to contain the outbreak or mitigate its impact, the direct and indirect economic effects of the outbreak and containment measures on our clients, and the ability of our clients to successfully operate their businesses), the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on the Company’s accounting policies and on period-to-period comparisons of financial results, the uncertainties of costs to comply with regulatory changes (including costs to comply with the Securities and Exchange Commission’s rules to standardize climate-related disclosures) and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance or achievements. BXP does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as otherwise required by law.

NON-GAAP FINANCIAL MEASURES

This Supplemental package includes non-GAAP financial measures, which are accompanied by what the Company considers the most directly comparable financial measures calculated and presented in accordance with GAAP. Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this Supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company’s financial condition and results of operations, and, if applicable, the other purposes for which management uses the measures, can be found in the Definitions section of this Supplemental starting on page 57.

The Company also presents “BXP’s Share” of certain of these measures, which are non-GAAP financial measures that are calculated as the consolidated amount calculated in accordance with GAAP, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest and, in some cases, after priority allocations), minus the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests and, in some cases, after income allocation to private REIT shareholders and their share of fees due to the Company).  Management believes that presenting “BXP’s Share” of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, management believes that presenting BXP’s Share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures.  The Company cautions investors that the ownership percentages used in calculating “BXP’s Share” of these measures may not completely and accurately depict all of the legal and economic implications of holding an interest in a consolidated or unconsolidated joint venture. For example, in addition to partners’ interests in profits and capital, venture agreements vary in the allocation of rights regarding decision making (both routine and major decisions), distributions, transferability of interests, financings and guarantees, liquidations and other matters. As a result, presentations of “BXP’s Share” of a financial measure should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Unless noted otherwise, reconciliations of “BXP’s Share” of these financial measures can be found in the Reconciliations section of this Supplemental package starting on page 61.

GENERAL INFORMATION

Corporate Headquarters Trading Symbol Investor Relations Inquiries
800 Boylston Street BXP BXP, Inc. Inquiries should be directed to
Suite 1900 800 Boylston Street, Suite 1900 Helen Han
Boston, MA 02199 Stock Exchange Listing Boston, MA 02199 Vice President, Investor Relations
www.bxp.com New York Stock Exchange investors.bxp.com at 617.236.3429 or
(t) 617.236.3300 investorrelations@bxp.com hhan@bxp.com
(t) 617.236.3429
Michael E. LaBelle
Executive Vice President, Chief Financial Officer
at 617.236.3352 or
mlabelle@bxp.com

(Cover photo: 100 Causeway Street, Boston, MA)

Q2 2024
Table of contents Page
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OVERVIEW
Company Profile 1
Guidance and assumptions 2
FINANCIAL INFORMATION
Financial Highlights 3
Consolidated Balance Sheets 5
Consolidated Income Statements 6
Funds From Operations (FFO) 7
Funds Available for Distribution (FAD) 8
Net Operating Income (NOI) 9
Same Property Net Operating Income (NOI) by Reportable Segment 11
Capital Expenditures, Tenant Improvement Costs and Leasing Commissions 13
Acquisitions and Dispositions 14
DEVELOPMENT ACTIVITY
Construction in Progress 15
Land Parcels and Purchase Options 17
LEASING ACTIVITY
Leasing Activity 18
PROPERTY STATISTICS
Portfolio Overview 19
Residential and Hotel Performance 20
In-Service Property Listing 22
Top 20 Clients Listing and Portfolio Client Diversification 26
Occupancy by Location 27
DEBT AND CAPITALIZATION
Capital Structure 28
Debt Analysis 30
Senior Unsecured Debt Covenant Compliance Ratios 31
Net Debt to EBITDAre 32
Debt Ratios 33
JOINT VENTURES
Consolidated Joint Ventures 34
Unconsolidated Joint Ventures 36
LEASE EXPIRATION ROLL-OUT
Total In-Service Properties 39
Boston 40
Los Angeles 42
New York 44
San Francisco 46
Seattle 48
Washington, DC 50
CBD 52
Suburban 54
RESEARCH COVERAGE, DEFINITIONS AND RECONCILIATIONS
Research Coverage 56
Definitions 57
Reconciliations 61
Consolidated Income Statement - Prior Year 69
Q2 2024
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Company profile

SNAPSHOT

(as of June 30, 2024)

Fiscal Year-End December 31
Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment) 186
Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment) 53.5 million
Common shares outstanding, plus common units and LTIP units (other than unearned Multi-Year Long-Term Incentive Program (MYLTIP) Units) on an as-converted basis 1, 2 176.2 million
Closing Price, at the end of the quarter $61.56 per share
Dividend - Quarter/Annualized $0.98/$3.92 per share
Dividend Yield 6.4%
Consolidated Market Capitalization 2 $26.2 billion
BXP’s Share of Market Capitalization 2, 3 $26.2 billion
Unsecured Senior Debt Ratings BBB (S&P); Baa2 (Moody’s)

STRATEGY

BXP’s primary business objective is to maximize return on investment in an effort to provide its investors with the greatest possible total return in all points of the economic cycle. To achieve this objective, the key tenets of our business strategy are to:

•continue to embrace our leadership position in the premier workplace segment and leverage our strength in portfolio quality, client relationships, development skills, market penetration, and sustainability to profitably build market share;

•maintain a keen focus on select dynamic gateway markets that exhibit the strongest economic growth and investment characteristics over time - currently Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC;

•invest in the highest quality buildings (primarily premier workplaces) with unique amenities and desirable locations that are able to maintain high occupancy rates and achieve premium rental rates through economic cycles;

•maintain scale and a full-service real estate capability (leasing, development, construction, marketing, legal, and property management) in our markets to ensure we (1) see all relevant investment deal flow, (2) maintain an ability to execute on all types of real estate opportunities, such as acquisitions, dispositions, repositioning and development, throughout the real estate investment cycle, (3) provide superior service to our clients and (4) develop and manage our assets in the most sustainable manner possible;

•pursue attractive asset class adjacencies where we have a track record of success, such as life sciences and residential development;

•maintain a leadership position in sustainability innovation to minimize emissions from BXP’s development and in-service portfolio, as well as to provide clients sustainable solutions for their space use needs;

•ensure a strong balance sheet to maintain consistent access to capital and the ability to make new investments at opportune times; and

•foster a culture and reputation of integrity, excellence and purposefulness, making us the employer of choice for talented real estate professionals, the landlord and developer of choice for our clients, as well as the counterparty of choice for real estate industry participants.

MANAGEMENT

Board of Directors
Owen D. Thomas Chairman of the Board Owen D. Thomas Chief Executive Officer
Douglas T. Linde Douglas T. Linde President
Joel I. Klein Lead Independent Director; Raymond A. Ritchey Senior Executive Vice President
Chair of Compensation Committee Michael E. LaBelle Executive Vice President, Chief Financial Officer and Treasurer
Bruce W. Duncan Chair of Audit Committee Rodney C. Diehl Executive Vice President, West Coast Regions
Carol B. Einiger Donna D. Garesche Executive Vice President, Chief Human Resources Officer
Diane J. Hoskins Chair of Sustainability Committee Bryan J. Koop Executive Vice President, Boston Region
Mary E. Kipp Peter V. Otteni Executive Vice President, Co-Head of the Washington, DC
Matthew J. Lustig Chair of Nominating & Corporate Region
Governance Committee Hilary Spann Executive Vice President, New York Region
Timothy J. Naughton John J. Stroman Executive Vice President, Co-Head of the Washington, DC
William H. Walton, III Region
Derek A. (Tony) West Colin D. Joynt Senior Vice President, Chief Information Officer
Eric G. Kevorkian Senior Vice President, Chief Legal Officer and Secretary
Michael R. Walsh Senior Vice President, Chief Accounting Officer
James J. Whalen Senior Vice President, Chief Technology Officer

___________________

1Common units and LTIP units are units of limited partnership interest in Boston Properties Limited Partnership, the entity through which the Company conducts substantially all of its business.

2For additional detail, see page 28.

3For the Company’s definitions and related disclosures, see the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

Q2 2024
Guidance and assumptions

GUIDANCE

BXP’s guidance for the third quarter 2024 and full year 2024 for diluted earnings per common share attributable to BXP, Inc. (EPS) and diluted funds from operations (FFO) per common share attributable to BXP, Inc. is set forth and reconciled below.  Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in the Company’s earnings release issued on July 30, 2024 and those referenced during the related conference call.  The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may fluctuate as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. For a complete definition of FFO and statements of the reasons why management believes it provides useful information to investors, see page 59. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.

Third Quarter 2024 Full Year 2024
Low High Low High
Projected EPS (diluted) $ 0.54 $ 0.56 $ 2.08 $ 2.14
Add:
Projected Company share of real estate depreciation and amortization 1.26 1.26 5.06 5.06
Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments — — (0.05) (0.05)
Projected FFO per share (diluted) $ 1.80 $ 1.82 $ 7.09 $ 7.15

ASSUMPTIONS

(dollars in thousands)

Full Year 2024
Low High
Operating property activity:
Average In-service portfolio occupancy 1 87.00 % 88.20 %
Decrease in BXP’s Share of Same Property net operating income (excluding termination income) (3.00) % (1.50) %
Decrease in BXP’s Share of Same Property net operating income - cash (excluding termination income) (3.00) % (1.50) %
BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales) $ 75,000 $ 82,000
BXP’s Share of incremental net operating income related to asset sales over prior year $ (6,000) $ (6,000)
BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue) $ 115,000 $ 130,000
Termination income $ 14,000 $ 16,000
Other revenue (expense):
Development, management services and other revenue $ 24,000 $ 27,000
General and administrative expense 2 $ (160,000) $ (156,000)
Consolidated net interest expense $ (588,000) $ (578,000)
Unconsolidated joint venture interest expense $ (78,000) $ (74,000)
Noncontrolling interest:
Noncontrolling interest in property partnerships’ share of FFO $ (148,000) $ (138,000)

_______________

1 Excludes development properties expected to be placed into service in 2024.

2 Excludes estimated changes in the market value of the Company’s deferred compensation plan and gains (losses) from investments in securities.

Q2 2024
Financial highlights

(unaudited and in thousands, except ratios and per share amounts)

Three Months Ended
30-Jun-24 31-Mar-24
Net income attributable to BXP, Inc. $ 79,615 $ 79,883
Net income attributable to BXP, Inc. per share - diluted $ 0.51 $ 0.51
FFO attributable to BXP, Inc. 1 $ 278,399 $ 271,273
Diluted FFO per share 1 $ 1.77 $ 1.73
Dividends per common share $ 0.98 $ 0.98
Funds available for distribution to common shareholders and common unitholders (FAD) 2 $ 270,639 $ 194,742
Selected items:
Revenue $ 850,482 $ 839,439
Recoveries from clients $ 136,081 $ 135,577
Service income from clients $ 2,953 $ 2,105
BXP’s Share of revenue 3 $ 820,790 $ 816,045
BXP’s Share of straight-line rent 3 $ 16,783 $ 39,484
BXP’s Share of fair value lease revenue 3, 4 $ 2,361 $ 2,392
BXP’s Share of termination income 3 $ 801 $ 4,692
Ground rent expense $ 3,679 $ 3,573
Capitalized interest $ 10,336 $ 9,381
Capitalized wages $ 4,807 $ 4,128
Income (loss) from unconsolidated joint ventures 5 $ (5,799) $ 19,186
BXP’s share of FFO from unconsolidated joint ventures 6 $ 14,028 $ 17,713
Net income attributable to noncontrolling interests in property partnerships $ 17,825 $ 17,221
FFO attributable to noncontrolling interests in property partnerships 7 $ 37,028 $ 35,916
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets) $ 9,869 $ 11,019
Below-market rents (included within Other Liabilities) $ 33,801 $ 36,314
Accrued rental income liability (included within Other Liabilities) $ 110,350 $ 102,590
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 8 3.22 2.89
Interest Coverage Ratio (including capitalized interest) 8 2.94 2.67
Fixed Charge Coverage Ratio 8 2.69 2.51
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 9 7.91 7.81
Change in BXP’s Share of Same Property Net Operating Income (NOI) (excluding termination income) 10 (4.4) % (1.9) %
Change in BXP’s Share of Same Property NOI (excluding termination income) - cash 10 (3.2) % (2.9) %
FAD Payout Ratio 2 63.85 % 88.72 %
Operating Margins [(rental revenue - rental expense)/rental revenue] 61.0 % 61.7 %
Occupancy % of In-Service Properties 11 87.1 % 88.2 %
Leased % of In-Service Properties 12 89.1 % 89.9 %
Capitalization:
Consolidated Debt $ 15,367,474 $ 15,362,324
BXP’s Share of Debt 13 $ 15,385,233 $ 15,375,437
Consolidated Market Capitalization $ 26,216,439 $ 26,870,468
Consolidated Debt/Consolidated Market Capitalization 58.62 % 57.17 %
BXP’s Share of Market Capitalization 13 $ 26,234,198 $ 26,883,581
BXP’s Share of Debt/BXP’s Share of Market Capitalization 13 58.65 % 57.19 %

_____________

1For a quantitative reconciliation of FFO attributable to BXP, Inc. and Diluted FFO per share, see page 7.

2For a quantitative reconciliation of FAD, see page 8. FAD Payout Ratio equals distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD.

3See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

4Represents the net adjustment for above- and below-market leases that are amortized over the terms of the respective leases in place at the property acquisition dates.

5For the three months ended March 31, 2024, includes approximately $21.8 million of gain on the consolidation for 901 New York Avenue.

6For a quantitative reconciliation for the three months ended June 30, 2024, see page 38.

7For a quantitative reconciliation for the three months ended June 30, 2024, see page 35.

8For a quantitative reconciliation for the three months ended June 30, 2024 and March 31, 2024, see page 33.

9For a quantitative reconciliation for the three months ended June 30, 2024 and March 31, 2024, see page 32.

10For a quantitative reconciliation for the three months ended June 30, 2024 and March 31, 2024, see pages 11, 67 and 68.

Q2 2024
Financial highlights (continued)

11Represents signed leases for which revenue recognition has commenced in accordance with GAAP. Excludes hotel and residential properties.

12Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates. Excludes hotel and residential properties.

13For a quantitative reconciliation for June 30, 2024, see page 28.

Q2 2024
Consolidated Balance Sheets

(unaudited and in thousands)

30-Jun-24 31-Mar-24
ASSETS
Real estate $ 25,840,947 $ 25,715,870
Construction in progress 757,356 685,465
Land held for future development 675,191 661,713
Right of use assets - finance leases 372,896 401,486
Right of use assets - operating leases 344,292 344,255
Less accumulated depreciation (7,198,566) (7,040,501)
Total real estate 20,792,116 20,768,288
Cash and cash equivalents 685,376 701,695
Cash held in escrows 52,125 64,939
Investments in securities 36,844 37,184
Tenant and other receivables, net 82,145 94,115
Note receivable, net 3,155 2,274
Related party note receivables, net 88,779 88,789
Sales-type lease receivable, net 14,182 13,943
Accrued rental income, net 1,414,622 1,390,217
Deferred charges, net 800,099 818,424
Prepaid expenses and other assets 86,188 146,286
Investments in unconsolidated joint ventures 1,418,817 1,399,824
Total assets $ 25,474,448 $ 25,525,978
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net $ 4,371,478 $ 4,368,367
Unsecured senior notes, net 9,797,220 9,794,527
Unsecured line of credit — —
Unsecured term loan, net 698,776 1,199,430
Unsecured commercial paper 500,000 —
Lease liabilities - finance leases 375,601 415,888
Lease liabilities - operating leases 385,842 377,667
Accounts payable and accrued expenses 372,484 374,681
Dividends and distributions payable 172,172 172,154
Accrued interest payable 112,107 119,573
Other liabilities 398,525 417,978
Total liabilities 17,184,205 17,240,265
Commitments and contingencies — —
Redeemable deferred stock units 7,916 8,141
Equity:
Stockholders’ equity attributable to BXP, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding — —
Common stock, $0.01 par value, 250,000,000 shares authorized, 157,176,741 and 157,128,071 issued and 157,097,841 and 156,049,171 outstanding at June 30, 2024 and March 31, 2024, respectively 1,571 1,570
Additional paid-in capital 6,768,686 6,752,648
Dividends in excess of earnings (964,518) (890,177)
Treasury common stock at cost, 78,900 shares at June 30, 2024 and March 31, 2024 (2,722) (2,722)
Accumulated other comprehensive loss (155) (3,620)
Total stockholders’ equity attributable to BXP, Inc. 5,802,862 5,857,699
Noncontrolling interests:
Common units of the Operating Partnership 677,789 684,969
Property partnerships 1,801,676 1,734,904
Total equity 8,282,327 8,277,572
Total liabilities and equity $ 25,474,448 $ 25,525,978
Q2 2024
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Consolidated Income Statements

(unaudited and in thousands, except per share amounts)

Three Months Ended
30-Jun-24 31-Mar-24
Revenue
Lease $ 790,555 $ 788,590
Parking and other 33,890 29,693
Insurance proceeds 725 2,523
Hotel revenue 14,812 8,186
Development and management services 6,352 6,154
Direct reimbursements of payroll and related costs from management services contracts 4,148 4,293
Total revenue 850,482 839,439
Expenses
Operating 175,545 169,043
Real estate taxes 144,994 145,027
Restoration expenses related to insurance claims 887 87
Hotel operating 9,839 6,015
General and administrative 1 44,109 50,018
Payroll and related costs from management services contracts 4,148 4,293
Transaction costs 189 513
Depreciation and amortization 219,542 218,716
Total expenses 599,253 593,712
Other income (expense)
Income (loss) from unconsolidated joint ventures 2 (5,799) 19,186
Gains from investments in securities 1 315 2,272
Unrealized gain on non-real estate investment 58 396
Interest and other income (loss) 10,788 14,529
Impairment loss 3 — (13,615)
Interest expense 4 (149,642) (161,891)
Net income 106,949 106,604
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships (17,825) (17,221)
Noncontrolling interest - common units of the Operating Partnership 5 (9,509) (9,500)
Net income attributable to BXP, Inc. $ 79,615 $ 79,883
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to BXP, Inc. per share - basic $ 0.51 $ 0.51
Net income attributable to BXP, Inc. per share - diluted $ 0.51 $ 0.51

_____________

1Includes $0.3 million and $2.3 million for the three months ended June 30, 2024 and March 31, 2024, respectively, related to the Company’s deferred compensation plan.

2For the three months ended March 31, 2024, includes approximately $21.8 million of gain on the consolidation for 901 New York Avenue.

3Represents a non-cash impairment loss related to a portion of the Company’s Shady Grove property. The Company shortened its hold period on a portion of the property in anticipation of selling it to a third party.

4For the three months ended June 30, 2024, includes an approximately $9.5 million one-time, non-cash decrease in interest expense. The decrease is the result of updating our Skylyne ground lease purchase assumption resulting in a decrease of previously recorded finance lease interest expense.

5For additional detail, see page 7.

Q2 2024
Funds from operations (FFO) 1

(unaudited and dollars in thousands, except per share amounts)

Three Months Ended
30-Jun-24 31-Mar-24
Net income attributable to BXP, Inc. $ 79,615 $ 79,883
Add:
Noncontrolling interest - common units of the Operating Partnership 9,509 9,500
Noncontrolling interests in property partnerships 17,825 17,221
Net income 106,949 106,604
Add:
Depreciation and amortization expense 219,542 218,716
Noncontrolling interests in property partnerships' share of depreciation and amortization 2 (19,203) (18,695)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3 19,827 20,223
Corporate-related depreciation and amortization (406) (419)
Non-real estate related amortization 2,130 2,130
Impairment loss — 13,615
Less:
Gain on sale / consolidation included within income from unconsolidated joint ventures — 21,696
Unrealized gain on non-real estate investment 58 396
Noncontrolling interests in property partnerships 17,825 17,221
FFO attributable to the Operating Partnership (including BXP, Inc.) (Basic FFO) 310,956 302,861
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO 32,557 31,588
FFO attributable to BXP, Inc. $ 278,399 $ 271,273
BXP, Inc.’s percentage share of Basic FFO 89.53 % 89.57 %
Noncontrolling interest’s - common unitholders percentage share of Basic FFO 10.47 % 10.43 %
Basic FFO per share $ 1.77 $ 1.73
Weighted average shares outstanding - basic 157,039 156,983
Diluted FFO per share $ 1.77 $ 1.73
Weighted average shares outstanding - diluted 157,291 157,132

RECONCILIATION TO DILUTED FFO

Three Months Ended
30-Jun-24 31-Mar-24
Basic FFO $ 310,956 $ 302,861
Add:
Effect of dilutive securities - stock-based compensation — —
Diluted FFO 310,956 302,861
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO 32,526 31,558
BXP, Inc.’s share of Diluted FFO $ 278,430 $ 271,303

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO

Three Months Ended
30-Jun-24 31-Mar-24
Shares/units for Basic FFO 175,408 175,255
Add:
Effect of dilutive securities - stock-based compensation (shares/units) 252 149
Shares/units for Diluted FFO 175,660 175,404
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units) 18,369 18,272
BXP, Inc.’s share of shares/units for Diluted FFO 157,291 157,132
BXP, Inc.’s percentage share of Diluted FFO 89.54 % 89.58 %

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

2For a quantitative reconciliation for the three months ended June 30, 2024, see page 35.

3For a quantitative reconciliation for the three months ended June 30, 2024, see page 38.

Q2 2024
Funds available for distributions (FAD) 1

(dollars in thousands)

Three Months Ended
30-Jun-24 31-Mar-24
Net income attributable to BXP, Inc. $ 79,615 $ 79,883
Add:
Noncontrolling interest - common units of the Operating Partnership 9,509 9,500
Noncontrolling interests in property partnerships 17,825 17,221
Net income 106,949 106,604
Add:
Depreciation and amortization expense 219,542 218,716
Noncontrolling interests in property partnerships’ share of depreciation and amortization 2 (19,203) (18,695)
BXP’s share of depreciation and amortization from unconsolidated joint ventures 3 19,827 20,223
Corporate-related depreciation and amortization (406) (419)
Non-real estate related amortization 2,130 2,130
Impairment loss — 13,615
Less:
Gain on sale / consolidation included within income from unconsolidated joint ventures — 21,696
Unrealized gain on non-real estate investment 58 396
Noncontrolling interests in property partnerships 17,825 17,221
Basic FFO 310,956 302,861
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4 3,216 5,325
BXP’s Share of hedge amortization, net of costs 1 2,030 2,030
BXP’s share of fair value interest adjustment 1 4,705 4,801
BXP’s Share of straight-line ground rent expense adjustment 1, 5 728 659
Stock-based compensation 15,976 18,527
Non-real estate depreciation and amortization (1,724) (1,711)
Unearned portion of capitalized fees from consolidated joint ventures 6 1,189 341
Less:
BXP’s Share of straight-line rent 1 16,783 39,484
BXP’s Share of fair value lease revenue 1, 7 2,361 2,392
BXP’s Share of non-cash termination income adjustment (fair value lease amounts) 1 — 189
BXP’s Share of 2nd generation tenant improvements and leasing commissions 1 32,416 84,531
BXP’s Share of maintenance capital expenditures 1, 8 14,491 11,044
BXP’s Share of amortization and accretion related to sales type lease 1 274 269
Hotel improvements, equipment upgrades and replacements 112 182
Funds available for distribution to common shareholders and common unitholders (FAD) (A) $ 270,639 $ 194,742
Distributions to common shareholders and unitholders (excluding any special distributions) (B) 172,798 172,772
FAD Payout Ratio1 (B÷A) 63.85 % 88.72 %

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

2For a quantitative reconciliation for the three months ended June 30, 2024, see page 35.

3 For additional information for the three months ended June 30, 2024, see page 38.

4Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the period the lease commences.

5Includes the straight-line impact of the Company’s 99-year ground and air rights lease related to the Company’s 100 Clarendon Street garage and Back Bay Transit Station. The Company has allocated contractual ground lease payments aggregating approximately $39.0 million, which it expects to incur by the end of 2026 with no payments thereafter. The Company is recognizing this expense on a straight-line basis over the 99-year term of the ground and air rights lease, see page 3.

6See page 63 for additional information.

7Represents the net adjustment for above- and below-market leases that are amortized over the terms of the respective leases in place at the property acquisition dates.

8Maintenance capital expenditures do not include capital expenditures that are planned at the time of acquisition or capital expenditures incurred in connection with repositioning activities.

Q2 2024
Reconciliation of net income attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI)

(in thousands)

Three Months Ended
30-Jun-24 30-Jun-23
Net income attributable to BXP, Inc. $ 79,615 $ 104,299
Net income attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership 9,509 12,117
Noncontrolling interest in property partnerships 17,825 19,768
Net income 106,949 136,184
Add:
Interest expense 149,642 142,473
Loss from unconsolidated joint ventures 5,799 6,668
Depreciation and amortization expense 219,542 202,577
Transaction costs 189 308
Payroll and related costs from management services contracts 4,148 4,609
General and administrative expense 44,109 44,175
Less:
Interest and other income (loss) 10,788 17,343
Unrealized gain on non-real estate investment 58 124
Gains from investments in securities 315 1,571
Direct reimbursements of payroll and related costs from management services contracts 4,148 4,609
Development and management services revenue 6,352 9,858
Net Operating Income (NOI) 508,717 503,489
Add:
BXP’s share of NOI from unconsolidated joint ventures 1 31,587 42,254
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2 47,391 47,958
BXP’s Share of NOI 492,913 497,785
Less:
Termination income 841 (164)
BXP’s share of termination income from unconsolidated joint ventures 1 — 3,113
Add:
Partners’ share of termination income from consolidated joint ventures 2 40 (276)
BXP’s Share of NOI (excluding termination income) $ 492,112 $ 494,560
Net Operating Income (NOI) $ 508,717 $ 503,489
Less:
Termination income 841 (164)
NOI from non Same Properties (excluding termination income) 3 28,364 3,163
Same Property NOI (excluding termination income) 479,512 500,490
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 2 47,351 48,234
Add:
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 3 — —
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 1 31,587 39,141
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3 1,970 8,509
BXP’s Share of Same Property NOI (excluding termination income) $ 461,778 $ 482,888

_____________

1For a quantitative reconciliation for the three months ended June 30, 2024, see page 66.

2For a quantitative reconciliation for the three months ended June 30, 2024, see pages 63-64.

3Pages 22-25 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to June 30, 2024 and therefore are no longer a part of the Company’s property portfolio.

Q2 2024
Reconciliation of net income attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI) - cash

(in thousands)

Three Months Ended
30-Jun-24 30-Jun-23
Net income attributable to BXP, Inc. $ 79,615 $ 104,299
Net loss attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership 9,509 12,117
Noncontrolling interest in property partnerships 17,825 19,768
Net income 106,949 136,184
Add:
Interest expense 149,642 142,473
Loss from unconsolidated joint ventures 5,799 6,668
Depreciation and amortization expense 219,542 202,577
Transaction costs 189 308
Payroll and related costs from management services contracts 4,148 4,609
General and administrative expense 44,109 44,175
Less:
Interest and other income (loss) 10,788 17,343
Unrealized gain on non-real estate investment 58 124
Gains from investments in securities 315 1,571
Direct reimbursements of payroll and related costs from management services contracts 4,148 4,609
Development and management services revenue 6,352 9,858
Net Operating Income (NOI) 508,717 503,489
Less:
Straight-line rent 16,094 26,493
Fair value lease revenue 1,363 5,850
Amortization and accretion related to sales type lease 246 229
Termination income 841 (164)
Add:
Straight-line ground rent expense adjustment 1 585 578
Lease transaction costs that qualify as rent inducements 2 3,471 3,402
NOI - cash (excluding termination income) 494,229 475,061
Less:
NOI - cash from non Same Properties (excluding termination income) 3 30,456 (1,654)
Same Property NOI - cash (excluding termination income) 463,773 476,715
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4 45,068 43,732
Add:
Partners’ share of NOI - cash from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 3 — —
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 5 27,473 35,250
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 3 (24) 7,103
BXP’s Share of Same Property NOI - cash (excluding termination income) $ 446,202 $ 461,130

_____________

1In light of the front-ended, uneven rental payments required by the Company’s 99-year ground and air rights lease for the 100 Clarendon Street garage and Back Bay Transit Station in Boston, MA, and to make period-to-period comparisons more meaningful to investors, the adjustment does not include the straight-line impact of approximately $4 and $91 for the three months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the Company has remaining lease payments aggregating approximately $31.2 million, all of which it expects to incur by the end of 2026 with no payments thereafter. Under GAAP, the Company recognizes expense of $(111) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2026 may vary significantly.

2Consist of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page 8.

3Pages 22-25 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to June 30, 2024 and therefore are no longer a part of the Company’s property portfolio.

4For a quantitative reconciliation for the three months ended June 30, 2024, see page 64.

5For a quantitative reconciliation for the three months ended June 30, 2024, see page 66.

Q2 2024
Same property net operating income (NOI) by reportable segment

(dollars in thousands)

Office 1 Hotel & Residential
Three Months Ended % Three Months Ended %
30-Jun-24 30-Jun-23 Change Change 30-Jun-24 30-Jun-23 Change Change
Rental Revenue 2 $ 768,259 $ 769,575 $ 27,038 $ 26,222
Less: Termination income 841 (164) — —
Rental revenue (excluding termination income) 2 767,418 769,739 (0.3) % 27,038 26,222 3.1 %
Less: Operating expenses and real estate taxes 299,366 281,527 17,839 6.3 % 15,578 13,944 1,634 11.7 %
NOI (excluding termination income) 2, 3 $ 468,052 $ 488,212 (4.1) % $ 11,460 $ 12,278 (6.7) %
Rental revenue (excluding termination income) 2 $ 767,418 $ 769,739 (0.3) % $ 27,038 $ 26,222 3.1 %
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 19,216 27,748 (8,532) (30.7) % 150 7 143 2,042.9 %
Add: Lease transaction costs that qualify as rent inducements 4 3,088 3,402 (314) (9.2) % 40 — 40 — %
Subtotal 751,290 745,393 5,897 0.8 % 26,928 26,215 713 2.7 %
Less: Operating expenses and real estate taxes 299,366 281,527 17,839 6.3 % 15,578 13,944 1,634 11.7 %
Add: Straight-line ground rent expense 5 499 578 (79) (13.7) % — — — — %
NOI - cash (excluding termination income) 2, 3 $ 452,423 $ 464,444 (2.6) % $ 11,350 $ 12,271 (7.5) %
Consolidated Total 1 (A) BXP’s share of Unconsolidated Joint Ventures (B)
Three Months Ended % Three Months Ended %
30-Jun-24 30-Jun-23 Change Change 30-Jun-24 30-Jun-23 Change Change
Rental Revenue 2 $ 795,297 $ 795,797 $ 47,743 $ 49,451
Less: Termination income 841 (164) — —
Rental revenue (excluding termination income) 2 794,456 795,961 (0.2) % 47,743 49,451 (3.5) %
Less: Operating expenses and real estate taxes 314,944 295,471 19,473 6.6 % 18,126 18,819 (693) (3.7) %
NOI (excluding termination income) 2, 3 $ 479,512 $ 500,490 (4.2) % $ 29,617 $ 30,632 (3.3) %
Rental revenue (excluding termination income) 2 $ 794,456 $ 795,961 (0.2) % $ 47,743 $ 49,451 (3.5) %
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 19,366 27,755 (8,389) (30.2) % 2,259 2,721 (462) (17.0) %
Add: Lease transaction costs that qualify as rent inducements 4 3,128 3,402 (274) (8.1) % — 94 (94) (100.0) %
Subtotal 778,218 771,608 6,610 0.9 % 45,484 46,824 (1,340) (2.9) %
Less: Operating expenses and real estate taxes 314,944 295,471 19,473 6.6 % 18,126 18,819 (693) (3.7) %
Add: Straight-line ground rent expense 5 499 578 (79) (13.7) % 139 142 (3) (2.1) %
NOI - cash (excluding termination income) 2, 3 $ 463,773 $ 476,715 (2.7) % $ 27,497 $ 28,147 (2.3) %
Partners’ share of Consolidated Joint Ventures (C) BXP’s Share 2, 6
Three Months Ended % Three Months Ended %
30-Jun-24 30-Jun-23 Change Change 30-Jun-24 30-Jun-23 Change Change
Rental Revenue 2 $ 81,125 $ 80,105 $ 761,915 $ 765,143
Less: Termination income 40 (276) 801 112
Rental revenue (excluding termination income) 2 81,085 80,381 0.9 % 761,114 765,031 (0.5) %
Less: Operating expenses and real estate taxes 33,734 32,147 1,587 4.9 % 299,336 282,143 17,193 6.1 %
NOI (excluding termination income) 2, 3 $ 47,351 $ 48,234 (1.8) % $ 461,778 $ 482,888 (4.4) %
Rental revenue (excluding termination income) 2 $ 81,085 $ 80,381 0.9 % $ 761,114 $ 765,031 (0.5) %
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 2,538 4,781 (2,243) (46.9) % 19,087 25,695 (6,608) (25.7) %
Add: Lease transaction costs that qualify as rent inducements 4 255 279 (24) (8.6) % 2,873 3,217 (344) (10.7) %
Subtotal 78,802 75,879 2,923 3.9 % 744,900 742,553 2,347 0.3 %
Less: Operating expenses and real estate taxes 33,734 32,147 1,587 4.9 % 299,336 282,143 17,193 6.1 %
Add: Straight-line ground rent expense 5 — — — — % 638 720 (82) (11.4) %
NOI - cash (excluding termination income) 2, 3 $ 45,068 $ 43,732 3.1 % $ 446,202 $ 461,130 (3.2) %

All values are in US Dollars.

___________________

1Includes 100% share of consolidated joint ventures that are a Same Property.

2See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

3For a quantitative reconciliation of net income attributable to BXP, Inc. to net operating income (NOI) (excluding termination income) and NOI - cash (excluding termination income), see pages 9-10.

Q2 2024
Same property net operating income (NOI) by reportable segment (continued)

4Consist of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page 8.

5Excludes the straight-line impact of approximately $4 and $91 for the three months ended June 30, 2024 and 2023, respectively, in connection with the Company’s 99-year ground and air rights lease at 100 Clarendon Street garage and Back Bay Transit Station.

6BXP’s Share equals (A) + (B) - (C).

Q2 2024
Capital expenditures, tenant improvement costs and leasing commissions

(dollars in thousands, except PSF amounts)

CAPITAL EXPENDITURES

Three Months Ended
30-Jun-24 31-Mar-24
Maintenance capital expenditures $ 16,218 $ 13,102
Planned capital expenditures associated with acquisition properties 680 —
Repositioning capital expenditures 18,434 12,276
Hotel improvements, equipment upgrades and replacements 112 182
Subtotal 35,444 25,560
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs) 94 14
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs 1,416 1,631
BXP’s share of repositioning capital expenditures from unconsolidated JVs — —
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs 1,821 2,072
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs — —
Partners’ share of repositioning capital expenditures from consolidated JVs 170 229
BXP’s Share of Capital Expenditures 1 $ 34,963 $ 24,904

2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2

Three Months Ended
30-Jun-24 31-Mar-24
Square feet 602,960 1,261,164
Tenant improvements and lease commissions PSF $ 63.24 $ 79.32

___________________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

2Includes 100% of unconsolidated joint ventures.

Q2 2024
Acquisitions and dispositions

For the period from January 1, 2024 through June 30, 2024

(dollars in thousands)

ACQUISITIONS

Investment
Property Location Date Acquired Square Feet Initial Anticipated Future Total In-service Leased (%)
901 New York Avenue 1 Washington, DC January 8, 2024 523,939 $ 10,000 $ 25,000 $ 35,000 83.9 %

DISPOSITIONS

Property Location Date Disposed Square Feet Gross Sales Price Net Cash Proceeds Book Gain (Loss)
290 Binney Street (45% ownership) 2 Cambridge, MA March 21, 2024 566,000 $ 1,079,687 $ 141,822 N/A

___________________

1 The Company completed the acquisition of its joint venture partner’s 50% economic ownership interest. The property is encumbered by an approximately $207.1 million mortgage, which bears interest at 3.61% per annum and matures on January 5, 2025. Following the acquisition, the Company modified the mortgage loan to provide for two loan extension options totaling five years of additional term, each subject to certain conditions. The first loan extension option, which provides for an additional term of four years, is at a fixed interest rate of 5.0% per annum. In addition, following the acquisition, BXP extended the 214,000 square foot lease with anchor client, Finnegan Henderson Farabow Garrett & Dunner, L.L.P., through 2042 and agreed to complete approximately $25.0 million of building enhancements.

2 The Company completed the previously announced sale of a 45% ownership interest to Norges Bank Investment Management (“NBIM”). NBIM’s investment in 290 Binney Street will reduce the Company’s share of the project’s estimated development spend over time by approximately $533.5 million, see page 15. At closing, NBIM paid approximately $142 million, of which $97 million was a special distribution to the Company and represented pre-formation costs, and NBIM will fund all capital calls until reaching 45% of invested capital. The Company retains a 55% ownership interest and provides development, property management, and leasing services for the venture. This transaction did not qualify as a sale of real estate for financial reporting purposes as the Company continues to effectively control the property and thus will continue to account for the property on a consolidated basis in its financial statements.

Q2 2024
Construction in progress

as of June 30, 2024

(dollars in thousands)

CONSTRUCTION IN PROGRESS 1

Actual/Estimated BXP’s share
Initial Occupancy Stabilization Date Square Feet Investment to Date 2 Estimated Total Investment 2 Total Financing Amount Drawn at 6/30/2024 Estimated Future Equity Requirement 2 Percentage Percentage placed in-service 4 Net Operating Income (Loss) 5 (BXP’s share)
Construction Properties Location Leased 3
Office
360 Park Avenue South (71% ownership) Q3 2024 Q4 2026 New York, NY 450,000 $ 340,837 $ 418,300 $ 156,470 $ 156,470 $ 77,463 23 % — % N/A
Reston Next Office Phase II Q1 2025 Q2 2026 Reston, VA 90,000 43,076 61,000 — — 17,924 4 % — % N/A
Total Office Properties under Construction 540,000 383,913 479,300 156,470 156,470 95,387 20 % — % —
Lab/Life Sciences
103 CityPoint Q1 2025 Q4 2026 Waltham, MA 113,000 90,502 115,100 — — 24,598 — % 4 % $ (114)
180 CityPoint Q4 2023 Q2 2026 Waltham, MA 329,000 225,827 290,500 — — 64,673 43 % 46 % 2,375
300 Binney Street (Redevelopment) (55% ownership) 6 Q1 2025 Q1 2025 Cambridge, MA 236,000 34,821 112,900 — — 78,079 100 % — % N/A
651 Gateway (50% ownership) Q1 2024 Q3 2026 South San Francisco, CA 327,000 121,834 167,100 — — 45,266 21 % 14 % 478
290 Binney Street (55% ownership) 7 Q2 2026 Q2 2026 Cambridge, MA 573,000 207,568 508,000 — — 300,432 100 % — % N/A
Total Lab/Life Sciences Properties under Construction 1,578,000 680,552 1,193,600 — — 513,048 65 % 13 % 2,739
Residential
Skymark - Reston Next Residential (508 units) (20% ownership) Q3 2024 Q2 2026 Reston, VA 417,000 40,240 47,700 28,000 22,332 1,792 21 % — % N/A
121 Broadway Street (439 units) Q3 2027 Q2 2029 Cambridge, MA 492,000 56,453 597,800 — — 541,347 — % — % N/A
Total Residential Properties under Construction 909,000 96,693 645,500 28,000 22,332 543,139 10 % — % N/A
Retail
Reston Next Retail Q2 2025 Q4 2025 Reston, VA 33,000 22,968 26,600 — — 3,632 — % — % N/A
Total Retail Properties under Construction 33,000 22,968 26,600 — — 3,632 — % — % N/A
Total Properties Under Construction 3,060,000 $ 1,184,126 $ 2,345,000 $ 184,470 $ 178,802 $ 1,155,206 53 % 8 6 % $ 2,739

PROJECTS FULLY PLACED IN-SERVICE DURING 2024

Actual/Estimated BXP’s share
Estimated Total Investment 2 Amount Drawn at 6/30/2024 Estimated Future Equity Requirement 2 Net Operating Income 5 (BXP’s share)
Initial Occupancy Stabilization Date Investment to Date 2 Total Financing Percentage
Location Square Feet Leased 3
760 Boylston Street (Redevelopment) Q2 2024 Q2 2024 Boston, MA 118,000 $ 33,828 $ 43,800 $ — $ — $ 9,972 100 % $ 2,049
Total Projects Fully Placed In-Service 118,000 $ 33,828 $ 43,800 $ — $ — $ 9,972 100 % $ 2,049

________________

1A project is classified as Construction in Progress when (1) construction or supply contracts have been signed, physical improvements have commenced or a lease has been signed and (2) capitalized interest has commenced.

2Includes income (loss) and interest carry on debt and equity investment.

3Represents percentage leased as of July 26, 2024, including leases with future commencement dates.

4Represents the portion of the project that no longer qualifies for capitalization of interest in accordance with GAAP.

5Amounts represent Net Operating Income (Loss) for the three months ended June 30, 2024. For partially owned properties, amount represents BXP’s share based on its ownership percentage. See the Definitions and Reconciliations sections of this supplemental package starting on page 57.

Q2 2024
Construction in progress (continued)

6Norges Bank Investment Management (NBIM) funded approximately $212.9 million at closing for its investment in 300 Binney Street. The Company withdrew approximately $212.9 million at closing and will fund all future costs of the project.

7The project budget reflects the Company’s 55% share of joint venture costs related to 290 Binney Street. The Company has the sole obligation to construct an underground electrical vault for an estimated gross cost of $183.9 million. Upon completion, the Company has entered into a contract to sell the electrical vault to a third party for a fixed price of $84.1 million. The net investment of $99.8 million will be included in the Company’s outside basis in 290 Binney Street. The Company has invested $47.1 million for the vault as of June 30, 2024.

8Total percentage leased excludes Residential.

Q2 2024
Land parcels and purchase options

as of June 30, 2024

OWNED LAND PARCELS

Location Approximate Developable Square Feet 1
Reston, VA 2,229,000
San Jose, CA 2 2,830,000
New York, NY (25% ownership) 2,000,000
Princeton, NJ 1,723,000
San Jose, CA (55% ownership) 1,088,000
New York, NY (55% ownership) 895,000
San Francisco, CA 850,000
Lexington, MA 767,000
Santa Clara, CA 632,000
Washington, DC (50% ownership) 520,000
South San Francisco, CA (50% ownership) 451,000
Rockville, MD 2 435,000
Springfield, VA 422,000
Waltham, MA 365,000
Herndon, VA (50% ownership) 350,000
El Segundo, CA (50% ownership) 275,000
Dulles, VA 150,000
Total 15,982,000

VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS

Location Approximate Developable Square Feet 1
Boston, MA 1,300,000
Waltham, MA 3 1,200,000
Cambridge, MA 573,000
Total 3,073,000

__________________

1Represents 100% of consolidated and unconsolidated projects.

2Excludes the existing square footage at in-service properties being held for future re-development as listed and noted on pages 22-25.

3The Company expects to be a 50% partner in the future development of these sites.

Q2 2024
Leasing activity

for the three months ended June 30, 2024

ALL IN-SERVICE PROPERTIES

Net (increase)/decrease in available space (SF) Total
Vacant space available at the beginning of the period 5,758,606
Less:
Property dispositions/properties taken out of service 1 30,000
Add:
Properties placed (and partially placed) in-service 2 117,907
Leases expiring or terminated during the period 1,214,346
Total space available for lease 7,060,859
1st generation leases 168,600
2nd generation leases with new clients 329,238
2nd generation lease renewals 273,722
Total leases commenced during the period 771,560
Vacant space available for lease at the end of the period 6,289,299
Net (increase)/decrease in available space (530,693)
Second generation leasing information: 3
Leases commencing during the period (SF) 602,960
Weighted average lease term (months) 69
Weighted average free rent period (days) 147
Total transaction costs per square foot 4 63.24
Increase (decrease) in gross rents 5 4.16
Increase (decrease) in net rents 6 5.65

All values are in US Dollars.

All leases commencing occupancy (SF) Incr (decr) in 2nd generation cash rents Total square feet of leases executed in the quarter 8
1st generation 2nd generation total 7 gross 5, 7 net 6, 7
Boston 122,107 253,064 375,171 6.49 % 10.75 % 343,916
Los Angeles — 1,004 1,004 (1.02) % (1.55) % —
New York 4,262 81,781 86,043 (3.57) % (7.28) % 447,200
San Francisco — 169,348 169,348 10.97 % 15.54 % 146,717
Seattle — — — — % — % 22,227
Washington, DC 42,231 97,763 139,994 0.07 % (1.28) % 362,604
Total / Weighted Average 168,600 602,960 771,560 4.16 % 5.65 % 1,322,664

_____________

1Total square feet of property taken out of service in Q2 2024 consists of 30,000 at 17 Hartwell Avenue.

2 Total square feet of properties placed in service in Q2 2024 consists of 117,907 at 760 Boylston Street.

3Second generation leases are defined as leases for space that has previously been leased. Of the 602,960 square feet of second generation leases that commenced in Q2 2024, leases for 489,691 square feet were signed in prior periods.

4Total transaction costs include tenant improvements and leasing commissions, but exclude free rent concessions.

5Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 373,884 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.

6Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 373,884 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.

7Represents leases for which rental revenue recognition commenced in accordance with GAAP during the quarter.

8Represents leases executed in the quarter for which the Company either (1) commenced rental revenue recognition in such quarter or (2) will commence rental revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development. The total square feet of leases executed in the current quarter for which the Company recognized rental revenue in the current quarter is 121,600.

Q2 2024
Portfolio overview

for the three months ended June 30, 2024

(dollars in thousands)

Rentable square footage of in-service properties by location and unit type 1, 2

Office Retail Residential Hotel Total
Boston 14,441,843 1,164,240 550,114 330,000 16,486,197
Los Angeles 2,187,830 126,377 — — 2,314,207
New York 12,115,620 476,625 — — 12,592,245
San Francisco 7,229,442 342,844 318,171 — 7,890,457
Seattle 1,504,823 12,437 — — 1,517,260
Washington, DC 8,490,200 624,097 493,241 — 9,607,538
Total 45,969,758 2,746,620 1,361,526 330,000 50,407,904
% of Total 91.20 % 5.45 % 2.70 % 0.65 % 100.00 %

Rental revenue of in-service properties by unit type 1

Office Retail Residential Hotel 3 Total
Consolidated $ 750,782 $ 62,929 $ 11,555 $ 14,716 $ 839,982
Less:
Partners’ share from consolidated joint ventures 4 71,481 9,644 — — 81,125
Add:
BXP’s share from unconsolidated joint ventures 5 46,105 2,395 2,746 — 51,246
BXP’s Share of Rental revenue 1 $ 725,406 $ 55,680 $ 14,301 $ 14,716 $ 810,103
% of Total 89.54 % 6.87 % 1.77 % 1.82 % 100.00 %

Percentage of BXP’s Share of net operating income (NOI) (excluding termination income) by location 1, 6

CBD Suburban Total
Boston 30.34 % 6.59 % 36.93 %
Los Angeles 3.81 % — % 3.81 %
New York 22.83 % 1.55 % 24.38 %
San Francisco 15.77 % 2.19 % 17.96 %
Seattle 1.86 % — % 1.86 %
Washington, DC 7 14.84 % 0.22 % 15.06 %
Total 89.45 % 10.55 % 100.00 %

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

2Includes 100% of the rentable square footage of the Company’s In-Service Properties. For additional detail relating to the Company’s In-Service Properties, see pages 22-25.

3Excludes approximately $96 of revenue from retail clients that is included in Retail.

4See page 64 for additional information.

5See page 66 for additional information.

6BXP’s Share of NOI (excluding termination income) is a non-GAAP financial measure. For a quantitative reconciliation of net income attributable to BXP, Inc. to BXP’s Share of NOI (excluding termination income), see page 9.

7During the first quarter of 2024, the Company reassessed the classifications of its assets as either CBD or Suburban and that certain assets such as those in Reston, Virginia are located in areas with characteristics that more closely align with our definition of CBD due to their diverse live, work, and play environment. As a result, these assets are classified as CBD.

Q2 2024
Residential and hotel performance

(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS

Residential 1 Hotel
Three Months Ended Three Months Ended
30-Jun-24 31-Mar-24 30-Jun-24 31-Mar-24
Rental Revenue 2 $ 12,226 $ 12,684 $ 14,812 $ 8,186
Less: Operating expenses and real estate taxes 5,739 5,686 9,839 6,015
Net Operating Income (NOI) 2 6,487 6,998 4,973 2,171
Add: BXP’s share of NOI from unconsolidated joint ventures 1,736 1,741 N/A N/A
BXP’s Share of NOI 2 $ 8,223 $ 8,739 $ 4,973 $ 2,171
Rental Revenue 2 $ 12,226 $ 12,684 $ 14,812 $ 8,186
Less: Straight line rent and fair value lease revenue 152 183 (2) (2)
Add: Lease transaction costs that qualify as rent inducements 40 — — —
Subtotal 12,114 12,501 14,814 8,188
Less: Operating expenses and real estate taxes 5,739 5,686 9,839 6,015
NOI - cash basis 2 6,375 6,815 4,975 2,173
Add: BXP’s share of NOI-cash from unconsolidated joint ventures 1,736 1,741 N/A N/A
BXP’s Share of NOI - cash basis 2 $ 8,111 $ 8,556 $ 4,975 $ 2,173

RENTAL RATES AND OCCUPANCY - Year-over-Year

Residential Units Three Months Ended Percent Change
30-Jun-24 30-Jun-23
BOSTON
Hub50House (50% ownership), Boston, MA 2 440
Average Monthly Rental Rate $ 4,327 $ 4,221 2.51 %
Average Rental Rate Per Occupied Square Foot $ 5.93 $ 5.78 2.60 %
Average Physical Occupancy 94.09 % 94.32 % (0.24) %
Average Economic Occupancy 94.02 % 94.03 % (0.01) %
Proto Kendall Square, Cambridge, MA 2, 3 280
Average Monthly Rental Rate $ 3,204 $ 3,065 4.54 %
Average Rental Rate Per Occupied Square Foot $ 5.90 $ 5.62 4.98 %
Average Physical Occupancy 95.95 % 95.83 % 0.13 %
Average Economic Occupancy 96.08 % 95.81 % 0.28 %
The Lofts at Atlantic Wharf, Boston, MA 2, 3 86
Average Monthly Rental Rate $ 4,435 $ 4,440 (0.11) %
Average Rental Rate Per Occupied Square Foot $ 4.93 $ 4.91 0.41 %
Average Physical Occupancy 95.74 % 96.51 % (0.80) %
Average Economic Occupancy 95.00 % 97.48 % (2.54) %
Boston Marriott Cambridge (437 rooms), Cambridge, MA 3 N/A
Average Occupancy 80.60 % 77.20 % 4.40 %
Average Daily Rate $ 372.29 $ 371.58 0.19 %
Revenue Per Available Room $ 299.94 $ 286.79 4.59 %
SAN FRANCISCO
The Skylyne, Oakland, CA 2, 3 402
Average Monthly Rental Rate $ 3,430 $ 3,447 (0.49) %
Average Rental Rate Per Occupied Square Foot $ 4.33 $ 4.39 (1.37) %
Average Physical Occupancy 87.06 % 92.37 % (5.75) %
Average Economic Occupancy 85.28 % 89.93 % (5.17) %
Q2 2024
--- ---
Residential and hotel performance (continued)

RENTAL RATES AND OCCUPANCY - Year-over-Year

Residential Units Three Months Ended Percent Change
30-Jun-24 30-Jun-23
WASHINGTON, DC
Signature at Reston, Reston, VA 2, 3 508
Average Monthly Rental Rate $ 2,822 $ 2,663 5.97 %
Average Rental Rate Per Occupied Square Foot $ 2.90 $ 2.77 4.69 %
Average Physical Occupancy 96.00 % 94.62 % 1.46 %
Average Economic Occupancy 96.06 % 93.59 % 2.64 %
Total In-Service Residential Units 1,716

_____________

1Includes retail space.

2See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

3Excludes retail space.

Q2 2024
In-service property listing as of June 30, 2024
--- --- --- --- --- --- --- --- --- --- --- ---
Sub Market Number of Buildings Square Feet Occupied % 1 Leased % 2 Annualized Rental Obligations Per Occupied SF 3
CBD
BOSTON
Office
200 Clarendon Street CBD Boston MA 1 1,729,920 94.5 % 95.2 % $ 83.24
800 Boylston Street - The Prudential Center CBD Boston MA 1 1,274,927 94.9 % 97.9 % 71.34
100 Federal Street (55% ownership) CBD Boston MA 1 1,233,537 89.8 % 91.3 % 76.64
111 Huntington Avenue - The Prudential Center CBD Boston MA 1 860,446 100.0 % 100.0 % 78.28
Atlantic Wharf Office (55% ownership) CBD Boston MA 1 791,357 95.7 % 95.8 % 88.28
100 Causeway Street (50% ownership) 4 CBD Boston MA 1 633,818 94.6 % 94.6 % 75.79
Prudential Center (retail shops) 5, 6 CBD Boston MA 1 601,514 92.2 % 97.1 % 98.81
101 Huntington Avenue - The Prudential Center CBD Boston MA 1 506,476 98.1 % 98.7 % 60.10
The Hub on Causeway - Podium (50% ownership) 4 CBD Boston MA 1 382,988 95.8 % 96.0 % 64.67
888 Boylston Street - The Prudential Center CBD Boston MA 1 363,320 100.0 % 100.0 % 82.75
Star Market at the Prudential Center 5 CBD Boston MA 1 57,236 100.0 % 100.0 % 67.48
Subtotal 11 8,435,539 94.9 % 96.2 % $ 78.68
145 Broadway East Cambridge MA 1 490,086 99.6 % 99.6 % $ 91.36
325 Main Street East Cambridge MA 1 414,565 91.4 % 91.4 % 117.11
125 Broadway East Cambridge MA 1 271,000 100.0 % 100.0 % 143.66
355 Main Street East Cambridge MA 1 256,966 100.0 % 100.0 % 84.76
90 Broadway East Cambridge MA 1 223,771 100.0 % 100.0 % 78.59
255 Main Street East Cambridge MA 1 215,394 80.0 % 80.0 % 102.35
150 Broadway East Cambridge MA 1 177,226 100.0 % 100.0 % 99.59
105 Broadway East Cambridge MA 1 152,664 100.0 % 100.0 % 75.39
250 Binney Street East Cambridge MA 1 67,362 100.0 % 100.0 % 51.10
University Place Mid-Cambridge MA 1 195,282 100.0 % 100.0 % 57.57
Subtotal 10 2,464,316 96.7 % 96.7 % $ 95.99
Subtotal Boston CBD 21 10,899,855 95.3 % 96.3 % $ 82.70
Residential
Hub50House (440 units) (50% ownership) 4 CBD Boston MA 1 320,444
The Lofts at Atlantic Wharf (86 units) CBD Boston MA 1 87,096
Proto Kendall Square (280 units) East Cambridge MA 1 166,717
Subtotal 3 574,257
Hotel
Boston Marriott Cambridge (437 rooms) East Cambridge MA 1 334,260
Subtotal 1 334,260
LOS ANGELES
Office
Colorado Center (50% ownership) 4 West Los Angeles CA 6 1,131,511 87.8 % 87.8 % $ 76.09
Santa Monica Business Park 7 West Los Angeles CA 14 1,108,292 82.7 % 84.2 % 70.80
Santa Monica Business Park Retail 5, 7 West Los Angeles CA 7 74,404 75.8 % 86.6 % 76.52
Subtotal 27 2,314,207 85.0 % 86.0 % $ 73.65
NEW YORK
Office
767 Fifth Avenue (The GM Building) (60% ownership) Plaza District NY 1 1,970,895 92.3 % 97.3 % $ 167.19
601 Lexington Avenue (55% ownership) Park Avenue NY 1 1,670,790 95.4 % 98.4 % 101.39
399 Park Avenue Park Avenue NY 1 1,567,470 97.6 % 100.0 % 103.04
599 Lexington Avenue Park Avenue NY 1 1,106,335 91.4 % 95.8 % 90.27
Times Square Tower (55% ownership) Times Square NY 1 1,238,474 94.1 % 96.2 % 82.35 Q2 2024
--- ---
In-service property listing (continued) as of June 30, 2024
--- --- --- --- --- --- --- --- --- --- ---
Sub Market Number of Buildings Square Feet Occupied % 1 Leased % 2 Annualized Rental Obligations Per Occupied SF 3
250 West 55th Street Times Square / West Side NY 1 966,976 98.1 % 99.8 % 95.34
200 Fifth Avenue (26.69% ownership) 4 Flatiron District NY 1 855,059 93.3 % 100.0 % 100.62
Dock 72 (50% ownership) 4 Brooklyn NY 1 668,521 33.4 % 42.7 % 37.68
510 Madison Avenue Fifth/Madison Avenue NY 1 355,089 98.6 % 98.6 % 133.90
Subtotal 9 10,399,609 90.8 % 94.6 % $ 109.85
SAN FRANCISCO
Office
Salesforce Tower CBD San Francisco CA 1 1,420,682 98.2 % 98.2 % $ 111.53
Embarcadero Center Four CBD San Francisco CA 1 942,388 95.6 % 96.2 % 97.63
Embarcadero Center One CBD San Francisco CA 1 837,386 71.1 % 72.5 % 94.68
Embarcadero Center Two CBD San Francisco CA 1 801,655 84.8 % 84.8 % 83.96
Embarcadero Center Three CBD San Francisco CA 1 777,455 83.1 % 83.1 % 92.95
680 Folsom Street CBD San Francisco CA 2 522,406 59.2 % 59.2 % 81.15
535 Mission Street CBD San Francisco CA 1 307,235 59.3 % 59.3 % 79.50
690 Folsom Street CBD San Francisco CA 1 26,080 100.0 % 100.0 % 110.27
Subtotal 9 5,635,287 84.0 % 84.4 % $ 97.05
Residential
The Skylyne (402 units) CBD Oakland CA 1 330,996
Subtotal 1 330,996
SEATTLE
Office
Safeco Plaza (33.67% ownership) 4 CBD Seattle WA 1 762,102 83.8 % 86.5 % $ 47.63
Madison Centre CBD Seattle WA 1 755,158 76.5 % 79.5 % 62.76
Subtotal 2 1,517,260 80.2 % 83.0 % $ 54.80
WASHINGTON, DC 8
Office
901 New York Avenue 7 East End Washington DC 1 523,939 81.7 % 82.5 % $ 67.73
Market Square North (50% ownership) 4 East End Washington DC 1 417,298 77.9 % 77.9 % 72.05
2100 Pennsylvania Avenue 7 CBD Washington DC 1 475,849 92.2 % 95.0 % 78.53
2200 Pennsylvania Avenue CBD Washington DC 1 459,811 94.9 % 94.9 % 89.33
1330 Connecticut Avenue CBD Washington DC 1 253,579 87.4 % 87.4 % 71.13
Sumner Square CBD Washington DC 1 219,412 87.6 % 87.6 % 48.24
500 North Capitol Street, N.W. (30% ownership) 4 Capitol Hill Washington DC 1 230,900 98.5 % 98.5 % 81.73
Capital Gallery Southwest Washington DC 1 176,809 80.8 % 80.8 % 55.99
Subtotal 8 2,757,597 87.5 % 88.1 % $ 73.42
Reston Next Reston VA 2 1,063,284 91.4 % 97.2 % $ 60.88
South of Market Reston VA 3 624,492 99.6 % 99.6 % 55.75
Fountain Square Reston VA 2 524,589 90.5 % 93.8 % 52.83
One Freedom Square Reston VA 1 428,385 82.4 % 82.4 % 53.31
Two Freedom Square Reston VA 1 423,222 99.8 % 99.8 % 53.14
One and Two Discovery Square Reston VA 2 366,989 89.7 % 89.7 % 52.43
One Reston Overlook Reston VA 1 319,519 91.3 % 100.0 % 48.33
17Fifty Presidents Street Reston VA 1 275,809 100.0 % 100.0 % 72.49
Reston Corporate Center Reston VA 2 261,046 100.0 % 100.0 % 49.24
Democracy Tower Reston VA 1 259,441 99.3 % 99.3 % 66.66
Fountain Square Retail 5 Reston VA 1 197,081 93.5 % 94.9 % 50.90
Two Reston Overlook Reston VA 1 134,615 100.0 % 100.0 % 53.65
Avant Retail 5 Reston VA 1 26,179 100.0 % 100.0 % 61.88
Subtotal 19 4,904,651 93.9 % 96.1 % $ 56.43 Q2 2024
--- ---
In-service property listing (continued) as of June 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Sub Market Number of Buildings Square Feet Occupied % 1 Leased % 2 Annualized Rental Obligations Per Occupied SF 3
7750 Wisconsin Avenue (50% ownership) 4 Bethesda/Chevy Chase MD 1 735,573 100.0 % 100.0 % $ 38.99
Wisconsin Place Office Montgomery County MD 1 294,040 52.0 % 57.6 % 55.51
Subtotal 2 1,029,613 86.3 % 87.9 % $ 41.83
Subtotal Washington, DC CBD 29 8,691,861 90.9 % 92.6 % $ 59.94
Residential
Signature at Reston (508 units) Reston VA 1 517,783
Subtotal 1 517,783
CBD Total 103 41,215,375 90.4 % 10 92.2 % 10 $ 85.30 10
BXP’s Share of CBD 90.6 % 10 92.3 % 10
SUBURBAN
BOSTON
Office
Bay Colony Corporate Center Route 128 Mass Turnpike MA 3 838,794 63.3 % 63.3 % $ 49.78
Reservoir Place Route 128 Mass Turnpike MA 1 526,215 38.4 % 49.4 % 43.41
140 Kendrick Street 6 Route 128 Mass Turnpike MA 3 418,600 73.3 % 73.3 % 56.94
Weston Corporate Center Route 128 Mass Turnpike MA 1 356,995 100.0 % 100.0 % 58.57
Waltham Weston Corporate Center Route 128 Mass Turnpike MA 1 301,611 82.4 % 83.7 % 43.28
230 CityPoint Route 128 Mass Turnpike MA 1 296,720 95.2 % 95.2 % 47.06
200 West Street Route 128 Mass Turnpike MA 1 273,365 94.5 % 94.5 % 84.33
880 Winter Street Route 128 Mass Turnpike MA 1 243,618 100.0 % 100.0 % 102.53
10 CityPoint Route 128 Mass Turnpike MA 1 236,570 97.1 % 97.1 % 56.05
20 CityPoint Route 128 Mass Turnpike MA 1 211,476 98.1 % 98.1 % 57.38
77 CityPoint Route 128 Mass Turnpike MA 1 209,711 83.9 % 100.0 % 54.67
890 Winter Street Route 128 Mass Turnpike MA 1 179,312 56.6 % 56.6 % 49.00
153 & 211 Second Avenue Route 128 Mass Turnpike MA 2 137,545 — % 18.5 % —
1265 Main Street (50% ownership) 4 Route 128 Mass Turnpike MA 1 120,681 100.0 % 100.0 % 56.21
Reservoir Place North Route 128 Mass Turnpike MA 1 73,258 100.0 % 100.0 % 51.90
The Point 5 Route 128 Mass Turnpike MA 1 16,300 100.0 % 100.0 % 63.35
33 Hayden Avenue Route 128 Northwest MA 1 80,876 100.0 % 100.0 % 77.00
32 Hartwell Avenue Route 128 Northwest MA 1 69,154 100.0 % 100.0 % 26.94
100 Hayden Avenue Route 128 Northwest MA 1 55,924 100.0 % 100.0 % 67.34
92 Hayden Avenue Route 128 Northwest MA 1 31,100 100.0 % 100.0 % 46.49
Subtotal 25 4,677,825 76.8 % 79.4 % $ 58.13
NEW YORK
Office
510 Carnegie Center Princeton NJ 1 234,160 33.5 % 68.5 % $ 43.05
206 Carnegie Center Princeton NJ 1 161,763 — % — % —
210 Carnegie Center Princeton NJ 1 159,468 33.2 % 33.2 % 40.76
212 Carnegie Center Princeton NJ 1 148,942 74.2 % 82.4 % 37.22
214 Carnegie Center Princeton NJ 1 146,799 65.9 % 66.5 % 37.81
506 Carnegie Center Princeton NJ 1 139,050 82.1 % 82.1 % 40.60
508 Carnegie Center Princeton NJ 1 134,433 100.0 % 100.0 % 43.03
202 Carnegie Center Princeton NJ 1 134,068 66.2 % 68.2 % 41.41
804 Carnegie Center Princeton NJ 1 130,000 100.0 % 100.0 % 41.52
101 Carnegie Center Princeton NJ 1 122,791 82.6 % 100.0 % 39.86
504 Carnegie Center Princeton NJ 1 121,990 100.0 % 100.0 % 36.34
502 Carnegie Center Princeton NJ 1 121,460 98.6 % 98.6 % 39.04
701 Carnegie Center Princeton NJ 1 120,000 100.0 % 100.0 % 42.82
104 Carnegie Center Princeton NJ 1 102,930 63.8 % 64.8 % 40.14 Q2 2024
--- ---
In-service property listing (continued) as of June 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Sub Market Number of Buildings Square Feet Occupied % 1 Leased % 2 Annualized Rental Obligations Per Occupied SF 3
103 Carnegie Center Princeton NJ 1 96,331 72.0 % 72.0 % 37.42
302 Carnegie Center Princeton NJ 1 64,926 100.0 % 100.0 % 35.96
211 Carnegie Center Princeton NJ 1 47,025 100.0 % 100.0 % 37.52
201 Carnegie Center Princeton NJ — 6,500 100.0 % 100.0 % 33.83
Subtotal 17 2,192,636 69.5 % 74.9 % $ 39.83
SAN FRANCISCO
Office
Gateway Commons (50% ownership) 4 South San Francisco CA 5 788,273 71.7 % 72.9 % $ 72.32
751 Gateway (49% ownership) 4, 7 South San Francisco CA 1 230,592 100.0 % 100.0 % 93.51
Mountain View Research Park Mountain View CA 15 542,264 60.7 % 60.7 % 73.09
2440 West El Camino Real Mountain View CA 1 142,789 56.8 % 56.8 % 102.14
453 Ravendale Drive Mountain View CA 1 29,620 100.0 % 100.0 % 52.42
North First Business Park 9 San Jose CA 5 190,636 58.6 % 58.6 % 26.11
Subtotal 28 1,924,174 70.0 % 70.5 % $ 73.72
WASHINGTON, DC
Office
Kingstowne Two Springfield VA 1 156,005 75.7 % 75.7 % $ 41.10
Kingstowne One Springfield VA 1 153,601 34.2 % 34.2 % 39.29
Kingstowne Retail 5 Springfield VA 1 88,288 100.0 % 100.0 % 31.51
Subtotal 3 397,894 65.1 % 65.1 % $ 37.46
Suburban Total 73 9,192,529 73.1 % 75.8 % $ 56.32
BXP’s Share of Suburban 72.6 % 75.5 %
Total In-Service Properties: 176 50,407,904 87.1 % 10 89.1 % 10 $ 80.70 10
BXP’s Share of Total In-Service Properties: 3 86.9 % 10 88.8 % 10

_____________

1Represents signed leases for which revenue recognition has commenced in accordance with GAAP.

2Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates. For additional detail, see pages 39-55.

3See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

4This is an unconsolidated joint venture property.

5This is a retail property.

6Prudential Center (retail shops) includes 760 Boylston Street, an approximately 118,000 net rentable square feet redevelopment that was completed and fully placed in-service during the second quarter of 2024. 140 Kendrick Street includes 140 Kendrick Street – Building A, an approximately 104,000 net rentable square feet redevelopment which was completed and fully placed in-service during the third quarter of 2023. 760 Boylston Street and 140 Kendrick Street – Building A are not included in the Same Property analysis.

7Not included in the Same Property analysis.

8 During the first quarter of 2024, the Company reassessed the classifications of its assets as either CBD or Suburban and that certain assets such as those in Reston, Virginia are located in areas with characteristics that more closely align with our definition of CBD due to their diverse live, work, and play environment. As a result, these assets are classified as CBD.

9 Property held for redevelopment.

10 Excludes hotel and residential properties. For additional detail, see pages 20-21.

Q2 2024
Top 20 clients listing and portfolio client diversification

as of June 30, 2024

TOP 20 CLIENTS

No. Client BXP’s Share of Annualized Rental Obligations 1 Weighted Average Remaining Lease Term (years) 2
1 Salesforce 3.33 % 7.7
2 Google 2.87 % 12.8
3 Biogen 2.48 % 3.3
4 Akamai Technologies 2.14 % 10.3
5 Kirkland & Ellis 1.71 % 13.3
6 Snap 1.57 % 9.1
7 Fannie Mae 1.50 % 13.2
8 Ropes & Gray 1.39 % 5.8
9 Millennium Management 1.22 % 6.5
10 Wellington Management 1.19 % 11.7
11 Microsoft 1.11 % 9.2
12 Weil Gotshal & Manges 1.08 % 9.9
13 Allen Overy Shearman Sterling 1.04 % 17.1
14 Arnold & Porter Kaye Scholer 1.01 % 8.0
15 Bank of America 0.88 % 11.2
16 Morrison & Foerster 0.85 % 6.2
17 Leidos 0.83 % 8.9
18 Wilmer Cutler Pickering Hale 0.83 % 14.4
19 Aramis (Estee Lauder) 0.82 % 15.8
20 Mass Financial Services 0.79 % 13.7
BXP’s Share of Annualized Rental Obligations 28.65 %
BXP’s Share of Square Feet 1 22.47 %
Weighted Average Remaining Lease Term (years) 9.9

NOTABLE SIGNED DEALS 3

Client Property Square Feet
AstraZeneca 290 Binney Street 573,000
The Broad Institute 300 Binney Street 225,000

CLIENT DIVERSIFICATION 2

chart-9e7f023e3d764af9aa6a.jpg

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

2Based on BXP’s Share of Annualized Rental Obligations.

3Represents leases signed with occupancy commencing in the future. The number of square feet is an estimate.

Q2 2024
Occupancy by location

as of June 30, 2024

TOTAL IN-SERVICE OFFICE PROPERTIES 1 - Quarter-over-Quarter

CBD Suburban Total
Location 30-Jun-24 31-Mar-24 30-Jun-24 31-Mar-24 30-Jun-24 31-Mar-24
Boston 95.3 % 95.3 % 76.8 % 79.3 % 89.8 % 90.4 %
Los Angeles 85.0 % 86.1 % — % — % 85.0 % 86.1 %
New York 90.8 % 91.5 % 69.5 % 71.3 % 87.0 % 88.0 %
San Francisco 84.0 % 86.6 % 70.0 % 75.7 % 80.5 % 83.9 %
Seattle 80.2 % 81.8 % — % — % 80.2 % 81.8 %
Washington, DC 90.9 % 90.8 % 65.1 % 65.8 % 89.8 % 89.7 %
Total Portfolio 90.4 % 91.0 % 73.1 % 76.1 % 87.1 % 88.2 %

chart-c429db12c8124e0f93aa.jpg

SAME PROPERTY OFFICE PROPERTIES 1, 2, 3 - Year-over-Year

CBD Suburban Total
Location 30-Jun-24 30-Jun-23 30-Jun-24 30-Jun-23 30-Jun-24 30-Jun-23
Boston 95.3 % 95.6 % 76.3 % 82.2 % 89.6 % 91.6 %
Los Angeles 87.8 % 87.7 % — % — % 87.8 % 87.7 %
New York 90.8 % 90.3 % 69.5 % 79.9 % 87.0 % 88.5 %
San Francisco 84.0 % 89.1 % 65.9 % 85.2 % 79.9 % 88.2 %
Seattle 80.2 % 87.9 % — % — % 80.2 % 87.9 %
Washington, DC 91.5 % 89.6 % 65.1 % 72.7 % 90.2 % 88.8 %
Total Portfolio 90.7 % 91.3 % 72.1 % 81.8 % 87.1 % 89.5 %

chart-226e3acfd2e7483a8d7a.jpg

_____________

1Represents signed leases for which revenue recognition has commenced in accordance with GAAP. Includes 100% of joint venture properties. Does not include residential units and hotel.

2During the first quarter of 2024, the Company reassessed the classifications of its assets as either CBD or Suburban and that certain assets such as those in Reston, Virginia are located in areas with characteristics that more closely align with our definition of CBD due to their diverse live, work, and play environment. As a result, these assets are classified as CBD. Comparative period has been updated to reflect the same presentation.

3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

Q2 2024
Capital structure

(in thousands, except percentages)

CONSOLIDATED DEBT

Aggregate Principal
Mortgage Notes Payable $ 4,405,074
Unsecured Line of Credit —
Unsecured Term Loan 700,000
Unsecured Commercial Paper 500,000
Unsecured Senior Notes, at face value 9,850,000
Outstanding Principal 15,455,074
Discount on Unsecured Senior Notes (11,934)
Deferred Financing Costs, Net (68,360)
Fair Value Debt Adjustment (7,306)
Consolidated Debt $ 15,367,474

MORTGAGE NOTES PAYABLE

Interest Rate
Property Maturity Date GAAP 1 Stated 2 Outstanding Principal
901 New York Avenue January 5, 2025 7.69% 3.61% $ 205,074
Santa Monica Business Park July 19, 2025 6.53% 4.06% 300,000
767 Fifth Avenue (The GM Building) (60% ownership) June 9, 2027 3.64% 3.43% 2,300,000
90 Broadway, 325 Main Street, 355 Main Street and Kendall Center Green Garage October 26, 2028 6.27% 6.04% 600,000
601 Lexington Avenue (55% ownership) January 9, 2032 2.93% 2.79% 1,000,000
Total $ 4,405,074

BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES 3

Maturity Date Effective Yield (on issue date) Coupon Outstanding Principal
7 Year Unsecured Senior Notes January 15, 2025 3.35% 3.20% $ 850,000
10 Year Unsecured Senior Notes February 1, 2026 3.77% 3.65% 1,000,000
10 Year Unsecured Senior Notes October 1, 2026 3.50% 2.75% 1,000,000
5 Year Unsecured Senior Notes (“green bonds”) December 1, 2027 6.92% 6.75% 750,000
10 Year Unsecured Senior Notes (“green bonds”) December 1, 2028 4.63% 4.50% 1,000,000
10 Year Unsecured Senior Notes (“green bonds”) June 21, 2029 3.51% 3.40% 850,000
10.5 Year Unsecured Senior Notes March 15, 2030 2.98% 2.90% 700,000
10.75 Year Unsecured Senior Notes January 30, 2031 3.34% 3.25% 1,250,000
11 Year Unsecured Senior Notes (“green bonds”) April 1, 2032 2.67% 2.55% 850,000
12 Year Unsecured Senior Notes (“green bonds”) October 1, 2033 2.52% 2.45% 850,000
10.7 Year Unsecured Senior Notes (“green bonds”) January 15, 2034 6.62% 6.50% 750,000
$ 9,850,000

CAPITALIZATION

Shares/Units Common Stock
Outstanding Equivalents Equivalent Value 4
Common Stock 157,098 157,098 $ 9,670,953
Common Operating Partnership Units 19,136 19,136 1,178,012
Total Equity 176,234 $ 10,848,965
Consolidated Debt (A) $ 15,367,474
Add: BXP’s share of unconsolidated joint venture debt 5 1,379,131
Less: Partners’ share of consolidated debt 6 1,361,372
BXP’s Share of Debt 7 (B) $ 15,385,233
Consolidated Market Capitalization (C) $ 26,216,439
BXP’s Share of Market Capitalization 7 (D) $ 26,234,198
Consolidated Debt/Consolidated Market Capitalization (A÷C) 58.62 %
BXP’s Share of Debt/BXP’s Share of Market Capitalization 7 (B÷D) 58.65 %

_____________

1The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, the effects of hedging transactions and adjustments required to reflect loans and swaps at their fair values upon consolidation.

2The stated interest rate includes the effects of hedging transactions.

Q2 2024
Capital structure (continued)

3All unsecured senior notes are rated BBB (negative), and Baa2 (stable) by S&P and Moody’s, respectively.

4Values are based on the June 28, 2024 closing price of $61.56 per share of BXP common stock.

5Amount is calculated based on the Company’s percentage ownership interest in the unconsolidated joint venture entities. For additional detail, see page 36.

6Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities. For additional detail, see page 34.

7See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

Q2 2024
Debt analysis 1

as of June 30, 2024

(dollars in thousands)

chart-01e4fa946cf84ed9a1ea.jpg

UNSECURED CREDIT FACILITY - MATURES JUNE 15, 2026

Facility Outstanding at June 30, 2024 Remaining Capacity at June 30, 2024
Unsecured Line of Credit $ 2,000,000 $ — $ 2,000,000
Less:
Unsecured Commercial Paper 2 500,000
Letters of Credit 6,627
Total Remaining Capacity $ 1,493,373

UNSECURED TERM LOAN - MATURES MAY 16, 2025

Facility Outstanding at June 30, 2024
Unsecured Term Loan $ 700,000 $ 700,000

UNSECURED AND SECURED DEBT ANALYSIS

Weighted Average
% of Total Debt Stated Rates GAAP Rates 3 Maturity (years)
Unsecured Debt 71.55 % 4.05 % 4.14 % 4.5
Secured Debt 28.45 % 3.69 % 4.22 % 3.9
Consolidated Debt 100.00 % 3.94 % 4.16 % 4.4

FLOATING AND FIXED RATE DEBT ANALYSIS

Weighted Average
% of Total Debt Stated Rates GAAP Rates 3 Maturity (years)
Floating Rate Debt 2 7.80 % 5.84 % 5.97 % 0.5
Fixed Rate Debt 4 92.20 % 3.78 % 4.01 % 4.7
Consolidated Debt 100.00 % 3.94 % 4.16 % 4.4

_____________

1Excludes unconsolidated joint ventures. For information on BXP’s share of unconsolidated joint venture debt, see page 36.

2The $500.0 million commercial paper program is backstopped by available capacity under the unsecured credit facility. As such, the Company intends to maintain, at a minimum, availability under its unsecured credit facility in an amount equal to the amount of commercial paper notes outstanding. The term of the notes issued under the commercial paper program vary but may not exceed one year from the date of issuance. The commercial paper notes are included in the Company’s floating rate debt statistics. The weighted average interest rate of the commercial paper notes outstanding at June 30, 2024 was approximately 5.60% per annum and have a weighted-average maturity of 49 days from the date of issuance.

3The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, the effects of hedging transactions and adjustments required to reflect loans and swaps at their fair values upon consolidation.

4The Fixed Rate Debt includes the effects of hedging transactions.

Q2 2024
Senior unsecured debt covenant compliance ratios

In the fourth quarter of 2002, the Company’s Operating Partnership (Boston Properties Limited Partnership) received investment grade ratings on its senior unsecured debt securities and thereafter issued unsecured notes. The notes were issued under an indenture, dated as of December 13, 2002, by and between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented from time to time (the “Indenture”), which, among other things, requires us to comply with the following limitations on incurrence of debt: Limitation on Outstanding Debt; Limitation on Secured Debt; Ratio of Annualized Consolidated EBITDA to Annualized Interest Expense; and Maintenance of Unencumbered Assets. Compliance with these restrictive covenants requires us to apply specialized terms the meanings of which are described in detail in our filings with the SEC, and to calculate ratios in the manner prescribed by the Indenture.

This section presents such ratios as of June 30, 2024 to show that the Company’s Operating Partnership was in compliance with the terms of the Indenture, which has been filed with the SEC. Management is not presenting these ratios for any other purpose or for any other period, and is not intending for these measures to otherwise provide information to investors about the Company’s financial condition or results of operations. Investors should not rely on these measures other than for purposes of testing our compliance with the Indenture.

COVENANT RATIOS AND RELATED DATA

Senior Notes Issued Prior to December 4, 2017 Senior Notes Issued On or After December 4, 2017
Test Actual
Total Outstanding Debt/Total Assets 1 Less than 60% 47.3 % 44.4 %
Secured Debt/Total Assets Less than 50% 16.6 % 15.6 %
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense) Greater than 1.50x 3.15 3.15
Unencumbered Assets/ Unsecured Debt Greater than 150% 239.7 % 259.1 %

_____________

1Capitalized Property Value for senior notes issued prior to December 4, 2017 is determined for each property and is the greater of (A) annualized EBITDA capitalized at an 8.0% rate for CBD properties and a 9.0% rate for non-CBD properties, and (B) the undepreciated book value as determined under GAAP. Capitalized property value for senior notes issued on or after December 4, 2017 is determined for each property and is the greater of (x) annualized EBITDA capitalized at 7.0% and (y) the undepreciated book value as determined under GAAP.

Q2 2024
Net Debt to EBITDAre

(dollars in thousands)

Reconciliation of BXP’s Share of EBITDAre and BXP’s Share of EBITDAre – cash 1

Three Months Ended
30-Jun-24 31-Mar-24
Net income attributable to BXP, Inc. $ 79,615 $ 79,883
Add:
Noncontrolling interest - common units of the Operating Partnership 9,509 9,500
Noncontrolling interest in property partnerships 17,825 17,221
Net income 106,949 106,604
Add:
Interest expense 149,642 161,891
Depreciation and amortization expense 219,542 218,716
Impairment loss — 13,615
Less:
Income (loss) from unconsolidated joint ventures (5,799) 19,186
Add:
BXP’s share of EBITDAre from unconsolidated joint ventures 2 32,679 36,472
EBITDAre 1 514,611 518,112
Less:
Partners’ share of EBITDAre from consolidated joint ventures 3 48,910 47,799
BXP’s Share of EBITDAre 1 (A) 465,701 470,313
Add:
Stock-based compensation expense 15,976 18,527
BXP’s Share of straight-line ground rent expense adjustment 1 728 659
BXP’s Share of lease transaction costs that qualify as rent inducements 1 3,216 5,325
Less:
BXP’s Share of non-cash termination income adjustment (fair value lease amounts) 1 — 189
BXP’s Share of straight-line rent 1 16,783 39,484
BXP’s Share of fair value lease revenue 1 2,361 2,392
BXP’s Share of amortization and accretion related to sales type lease 1 274 269
BXP’s Share of EBITDAre – cash 1 $ 466,203 $ 452,490
BXP’s Share of EBITDAre (Annualized) 4 (A x 4) $ 1,862,804 $ 1,881,252

Reconciliation of BXP’s Share of Net Debt 1

30-Jun-24 31-Mar-24
Consolidated debt $ 15,367,474 $ 15,362,324
Less:
Cash and cash equivalents 685,376 701,695
Cash held in escrow for 1031 exchange — —
Net debt 1 14,682,098 14,660,629
Add:
BXP’s share of unconsolidated joint venture debt 2 1,379,131 1,373,986
Partners’ share of cash and cash equivalents from consolidated joint ventures 163,840 130,747
Less:
BXP’s share of cash and cash equivalents from unconsolidated joint ventures 97,518 84,574
Partners’ share of consolidated joint venture debt 3 1,361,372 1,360,873
BXP’s share of related party note receivables 30,500 30,500
BXP’s Share of Net Debt 1 (B) $ 14,735,679 $ 14,689,415
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) [B ÷ (A x 4)] 7.91 7.81

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

2For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended June 30, 2024, see pages 36 and 65.

3For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended June 30, 2024, see pages 34 and 63.

4BXP’s Share of EBITDAre (Annualized) is calculated as the product of such amount for the quarter multiplied by four (4).

Q2 2024
Debt ratios

(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO 1

Three Months Ended
30-Jun-24 31-Mar-24
BXP’s Share of interest expense 1, 2 $ 156,411 $ 168,767
Less:
BXP’s Share of hedge amortization, net of costs 1 2,030 2,030
BXP’s share of fair value interest adjustment 1 4,705 4,801
BXP’s Share of amortization of financing costs 1 4,950 5,315
Adjusted interest expense excluding capitalized interest (A) 144,726 156,621
Add:
BXP’s Share of capitalized interest 1 13,767 12,748
Adjusted interest expense including capitalized interest (B) $ 158,493 $ 169,369
BXP’s Share of EBITDAre – cash 1, 3 (C) $ 466,203 $ 452,490
Interest Coverage Ratio (excluding capitalized interest) (C÷A) 3.22 2.89
Interest Coverage Ratio (including capitalized interest) (C÷B) 2.94 2.67

FIXED CHARGE COVERAGE RATIO 1

Three Months Ended
30-Jun-24 31-Mar-24
BXP’s Share of interest expense 1, 2 $ 156,411 $ 168,767
Less:
BXP’s Share of hedge amortization, net of costs 1 2,030 2,030
BXP’s share of fair value interest adjustment 1 4,705 4,801
BXP’s Share of amortization of financing costs 1 4,950 5,315
Add:
BXP’s Share of capitalized interest 1 13,767 12,748
BXP’s Share of maintenance capital expenditures 1 14,491 11,044
Hotel improvements, equipment upgrades and replacements 112 182
Total Fixed Charges (A) $ 173,096 $ 180,595
BXP’s Share of EBITDAre – cash 1, 3 (B) $ 466,203 $ 452,490
Fixed Charge Coverage Ratio (B÷A) 2.69 2.51

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

2For the three months ended June 30, 2024, includes an approximately $9.5 million one-time, non-cash decrease in interest expense. The decrease is the result of updating our Skylyne ground lease purchase assumption resulting in a decrease of previously recorded finance lease interest expense.

3For a quantitative reconciliation of BXP’s Share of EBITDAre – cash, see page 32.

Q2 2024
Consolidated joint ventures

d

as of June 30, 2024

(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION

767 Fifth Avenue Total Consolidated
ASSETS (The GM Building) 1 Norges Joint Ventures 1, 2 Joint Ventures
Real estate, net $ 3,191,221 $ 2,931,362 $ 6,122,583
Cash and cash equivalents 135,315 243,809 379,124
Other assets 286,840 429,975 716,815
Total assets $ 3,613,376 $ 3,605,146 $ 7,218,522
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net $ 2,289,734 $ 989,855 $ 3,279,589
Other liabilities 69,567 311,478 381,045
Total liabilities 2,359,301 1,301,333 3,660,634
Equity:
BXP, Inc. 754,044 1,002,263 1,756,307
Noncontrolling interests 500,031 1,301,550 1,801,581 3
Total equity 1,254,075 2,303,813 3,557,888
Total liabilities and equity $ 3,613,376 $ 3,605,146 $ 7,218,522
BXP’s nominal ownership percentage 60% 55%
Partners’ share of cash and cash equivalents 4 $ 54,126 $ 109,714 $ 163,840
Partners’ share of consolidated debt 4 $ 915,937 5 $ 445,435 $ 1,361,372

_____________

1Certain balances contain amounts that eliminate in consolidation.

2Norges Joint Ventures include Times Square Tower, 601 Lexington Avenue/One Five Nine East 53rd Street, 100 Federal Street, Atlantic Wharf Office, 343 Madison Avenue, 300 Binney Street, and 290 Binney Street.

3Amount excludes preferred shareholders’ capital.

4Amounts represent the partners’ share based on their respective ownership percentages.

5Amount adjusted for basis differentials.

Q2 2024
Consolidated joint ventures (continued)

for the three months ended June 30, 2024

(unaudited and dollars in thousands)

RESULTS OF OPERATIONS

767 Fifth Avenue Total Consolidated
(The GM Building) Norges Joint Ventures 1 Joint Ventures
Revenue
Lease 2 $ 76,401 $ 104,616 $ 181,017
Straight-line rent 5,601 686 6,287
Fair value lease revenue (27) — (27)
Termination income — 89 89
Total lease revenue 81,975 105,391 187,366
Parking and other 30 1,993 2,023
Total rental revenue 3 82,005 107,384 189,389
Expenses
Operating 33,849 41,383 75,232
Net Operating Income (NOI) 48,156 66,001 114,157
Other income (expense)
Development and management services revenue — 209 209
Gains from investments in securities — 3 3
Interest and other income 1,570 2,033 3,603
Interest expense (21,176) (7,589) (28,765)
Depreciation and amortization expense (17,320) (25,714) (43,034)
Transaction costs — (5) (5)
General and administrative expense (47) (109) (156)
Total other income (expense) (36,973) (31,172) (68,145)
Net income $ 11,183 $ 34,829 $ 46,012

FUNDS FROM OPERATIONS (FFO)

BXP’s nominal ownership percentage 60% 55%
767 Fifth Avenue Total Consolidated
Reconciliation of Partners’ share of FFO (The GM Building) Norges Joint Ventures 1 Joint Ventures
Net income $ 11,183 $ 34,829 $ 46,012
Add: Depreciation and amortization expense 17,320 25,714 43,034
Entity FFO $ 28,503 $ 60,543 $ 89,046
Noncontrolling interest in property partnerships (Partners’ NCI) 4 $ 3,439 $ 14,386 $ 17,825
Partners’ share of depreciation and amortization expense after BXP’s basis differential 4 7,291 11,912 19,203
Partners’ share FFO 4 $ 10,730 $ 26,298 $ 37,028
Reconciliation of BXP’s share of FFO
BXP’s share of net income adjusted for partners’ NCI $ 7,744 $ 20,443 $ 28,187
Depreciation and amortization expense - BXP’s basis difference 61 385 446
BXP’s share of depreciation and amortization expense 9,968 13,417 23,385
BXP’s share of FFO $ 17,773 $ 34,245 $ 52,018

_____________

1 Norges Joint Ventures include Times Square Tower, 601 Lexington Avenue/One Five Nine East 53rd Street, 100 Federal Street, Atlantic Wharf Office, 343 Madison Avenue, 300 Binney Street, and 290 Binney Street.

2 Lease revenue includes recoveries from clients and service income from clients.

3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

4 Amounts represent the partners’ share based on their respective ownership percentages and are adjusted for basis differentials and the allocations of management and other fees and depreciation and amortization related to capitalized fees.

Q2 2024
Unconsolidated joint ventures 1

as of June 30, 2024

(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION

BXP’s Nominal Ownership Mortgage/Construction Loans Payable, Net Interest Rate
Property Net Equity Maturity Date Stated GAAP 2
Boston
The Hub on Causeway 50.00 % $ — $ — — — % — %
100 Causeway Street 3 50.00 % 56,602 166,747 September 5, 2024 6.80 % 6.95 %
Podium 50.00 % 44,223 76,798 September 8, 2025 7.35 % 7.75 %
Hub50House 50.00 % 42,547 91,957 June 17, 2032 4.43 % 4.51 %
Hotel Air Rights 50.00 % 13,863 — — — — %
1265 Main Street 50.00 % 3,562 16,988 January 1, 2032 3.77 % 3.84 %
Los Angeles
Colorado Center 50.00 % 235,144 274,722 August 9, 2027 3.56 % 3.59 %
Beach Cities Media Center 50.00 % 27,049 — — — % — %
New York
360 Park Avenue South 4 71.11 % 58,546 156,118 December 14, 2024 7.83 % 8.28 %
Dock 72 50.00 % (8,154) 98,845 December 18, 2025 7.84 % 8.11 %
200 Fifth Avenue 26.69 % 75,108 151,689 November 24, 2028 4.34 % 5.60 %
3 Hudson Boulevard 5 25.00 % 114,223 20,000 August 7, 2024 8.94 % 8.94 %
San Francisco
Platform 16 55.00 % 55,689 — — — % — %
Gateway Commons 50.00 % 388,599 — — — % — %
751 Gateway 49.00 % 98,117 — — — % — %
Seattle
Safeco Plaza 6 33.67 % 46,222 83,927 September 1, 2026 4.82 % 7.73 %
Washington, DC
7750 Wisconsin Avenue (Marriott International Headquarters) 50.00 % 49,445 125,616 April 26, 2025 6.68 % 6.83 %
1001 6th Street 50.00 % 45,923 — — — % — %
13100 & 13150 Worldgate Drive 50.00 % 18,360 — — — % — %
Market Square North 50.00 % (12,160) 62,345 November 10, 2025 7.74 % 7.92 %
Wisconsin Place Parking Facility 33.33 % 30,099 — — — % — %
500 North Capitol Street, N.W. 7 30.00 % (11,198) 31,215 June 5, 2026 6.83 % 7.16 %
Skymark - Reston Next Residential 20.00 % 15,496 22,164 May 13, 2026 7.33 % 7.65 %
1,387,305
Investments with deficit balances reflected within Other Liabilities 31,512
Investments in Unconsolidated Joint Ventures $ 1,418,817
Mortgage/Construction Loans Payable, Net $ 1,379,131

chart-eb12bd8b4a604896af3a.jpg

Q2 2024
Unconsolidated joint ventures (continued) 1

FLOATING AND FIXED RATE DEBT ANALYSIS

Weighted Average
% of Total Debt Stated Rate GAAP Rate 2 Maturity (years)
Floating Rate Debt 53.35 % 7.06 % 7.61 % 0.9
Fixed Rate Debt 46.65 % 4.49 % 4.87 % 6.8
Total Debt 100.00 % 5.86 % 6.33 % 3.6

_____________

1Amounts represent BXP’s share based on its ownership percentage.

2The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, which includes mortgage recording fees, the effects of hedging transactions (if any) and adjustments required under Accounting Standards Codification 805 “Business Combinations” to reflect loans at their fair values (if any).

3On July 18, 2024, the loan maturity date was extended to September 5, 2025.

4The Company’s partner will fund required capital until their aggregate investment is approximately 29% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests. See page 15 for more information.

5The Company has provided $80.0 million of mortgage financing to the joint venture. The loan is reflected as Related Party Note Receivables, Net on the Company’s Consolidated Balance Sheets. As of June 30, 2024, the loan had an outstanding balance, including accrued interest, of approximately $113.8 million.

6Safeco Plaza entered into an interest rate cap agreement during Q3 2023 that capped SOFR at 2.50%.

7The indebtedness consists of (x) a $70.0 million mortgage loan payable (Note A) which bears interest at a fixed rate of 6.23% per annum, and (y) a $35.0 million mortgage loan payable (Note B) which bears interest at a fixed rate of 8.03% per annum. The Company provided $10.5 million (or 30%) of the Note B mortgage financing to the joint venture. The loan is reflected as Related Party Note Receivables, Net on the Company’s Consolidated Balance Sheets.

Q2 2024
Unconsolidated joint ventures (continued)

for the three months ended June 30, 2024

(unaudited and dollars in thousands)

RESULTS OF OPERATIONS 1

Boston Los Angeles New York San Francisco Seattle Washington, DC Total Unconsolidated Joint Ventures
Revenue
Lease 2 $ 25,662 $ 19,130 $ 21,853 $ 13,110 $ 7,078 $ 17,882 $ 104,715
Straight-line rent 1,084 (793) 1,549 3,780 548 35 6,203
Fair value lease revenue — — 1,538 15 1,087 — 2,640
Termination income — — — — — — —
Amortization and accretion related to sales type lease 56 — — — — — 56
Total lease revenue 26,802 18,337 24,940 16,905 8,713 17,917 113,614
Parking and other — 1,743 304 274 635 974 3,930
Total rental revenue 3 26,802 20,080 25,244 17,179 9,348 18,891 117,544
Expenses
Operating 9,419 6,800 13,783 7,728 3,594 5,023 46,347
Net operating income/(loss) 17,383 13,280 11,461 9,451 5,754 13,868 71,197
Other income/(expense)
Development and management services revenue — — 557 — — 4 561
Interest and other income (loss) 226 825 260 4 165 567 2,047
Interest expense (11,349) (4,998) (13,445) — (4,788) (8,719) (43,299)
Unrealized gain on derivative instruments — — 848 — — — 848
Transaction costs — (5) — — — — (5)
Depreciation and amortization expense (8,669) (5,345) (8,727) (6,646) (4,660) (4,349) (38,396)
General and administrative expense — — (89) (13) (2) (2) (106)
Total other income/(expense) (19,792) (9,523) (20,596) (6,655) (9,285) (12,499) (78,350)
Net income/(loss) $ (2,409) $ 3,757 $ (9,135) $ 2,796 $ (3,531) $ 1,369 $ (7,153)
Reconciliation of BXP’s share of Funds from Operations (FFO)
BXP’s share of net income/(loss) $ (1,205) $ 1,875 $ (4,282) $ 1,303 $ (1,193) $ 758 $ (2,744)
Basis differential
Straight-line rent $ — $ 91 4 $ 228 4 $ 6 4 $ — $ — $ 325
Fair value lease revenue — 305 4 117 4 (219) 4 — — 203
Fair value interest adjustment — — (499) — — — (499)
Amortization of financing costs — — 111 — — — 111
Unrealized gain on derivative instruments — — (226) — — — (226)
Depreciation and amortization expense (8) (1,112) 4 (1,480) 4 (537) 4 275 (107) (2,969)
Total basis differential 5 (8) (716) 4 (1,749) 4 (750) 4 275 (107) (3,055)
Income/(loss) from unconsolidated joint ventures (1,213) 1,159 (6,031) 553 (918) 651 (5,799)
Add:
BXP’s share of depreciation and amortization expense 4,342 3,784 4,585 3,848 1,294 1,974 19,827
BXP’s share of FFO $ 3,129 $ 4,943 $ (1,446) $ 4,401 $ 376 $ 2,625 $ 14,028

_____________

1 For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 22-25.

2 Lease revenue includes recoveries from clients and service income from clients.

3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

4 The Company’s purchase price allocation under ASC 805 for certain joint ventures differs from the historical basis of the venture.

5 Represents adjustments related to the carrying values and depreciation of certain of the Company’s investment in unconsolidated joint ventures.

Q2 2024
Lease expirations - All in-service properties1, 2, 3

as of June 30, 2024

OFFICE
Rentable Square Footage Subject to Expiring Leases Current Annualized Rental Obligations Under Expiring Leases
Year of Lease Expiration
/PSF /PSF
2024 1,425,834 86,146,800 66.79 3.22 % 4
2025 2,739,994 170,192,086 72.90 5.83 %
2026 2,522,757 167,858,048 76.57 5.48 %
2027 2,358,839 164,905,610 77.23 5.34 %
2028 3,334,063 225,017,980 84.83 6.63 %
2029 3,554,697 224,726,605 73.23 7.67 %
2030 2,982,231 220,762,930 76.56 7.20 %
2031 2,290,703 176,343,947 87.52 5.03 %
2032 2,331,702 159,766,800 77.64 5.14 %
2033 2,604,161 194,434,767 79.02 6.15 %
Thereafter 13,759,116 890,223,601 80.71 27.56 %

All values are in US Dollars.

RETAIL
Rentable Square Footage Subject to Expiring Leases Current Annualized Rental Obligations Under Expiring Leases
Year of Lease Expiration
/PSF /PSF
2024 27,977 1,703,123 63.13 1.11 % 4
2025 84,361 6,441,620 77.46 3.44 %
2026 107,397 22,286,434 228.09 4.04 %
2027 130,046 13,604,008 113.72 4.94 %
2028 99,264 11,354,400 116.47 4.03 %
2029 149,187 15,394,811 107.47 5.92 %
2030 153,077 10,310,478 87.54 4.87 %
2031 85,075 6,261,911 80.06 3.23 %
2032 101,253 7,471,070 75.05 4.11 %
2033 472,047 30,983,758 70.64 18.13 %
Thereafter 742,301 70,749,864 124.86 23.41 %

All values are in US Dollars.

IN-SERVICE PROPERTIES
Rentable Square Footage Subject to Expiring Leases Current Annualized Rental Obligations Under Expiring Leases
Year of Lease Expiration
/PSF /PSF
2024 1,453,811 87,849,923 66.72 3.10 % 4
2025 2,824,355 176,633,706 73.05 5.70 %
2026 2,630,154 190,144,482 83.03 5.40 %
2027 2,488,885 178,509,618 79.16 5.31 %
2028 3,433,327 236,372,380 85.95 6.48 %
2029 3,703,884 240,121,416 74.75 7.57 %
2030 3,135,308 231,073,408 76.99 7.07 %
2031 2,375,778 182,605,858 87.24 4.93 %
2032 2,432,955 167,237,870 77.52 5.08 %
2033 3,076,208 225,418,525 77.75 6.83 %
Thereafter 14,501,417 960,973,465 82.87 27.32 %

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space. Does not include residential units and hotel.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q2 2024
Lease expirations - Boston region in-service properties 1, 2, 3

as of June 30, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 209,584 201,700 4
2025 802,395 766,770
2026 800,084 763,086
2027 691,470 683,670
2028 989,077 971,676
2029 1,248,913 1,115,427
2030 1,635,106 1,622,433
2031 614,746 547,909
2032 593,623 593,623
2033 466,430 455,679
Thereafter 4,806,799 3,878,765

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 21,014 21,014
2025 36,312 35,997
2026 26,513 26,513
2027 69,268 62,954
2028 46,656 46,656
2029 64,171 62,821
2030 100,574 65,274
2031 4,266 4,266
2032 65,011 64,420
2033 284,391 250,988
Thereafter 332,867 290,480

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 230,598 222,714 4
2025 838,707 802,767
2026 826,597 789,599
2027 760,738 746,624
2028 1,035,733 1,018,332
2029 1,313,084 1,178,248
2030 1,735,680 1,687,707
2031 619,012 552,175
2032 658,634 658,043
2033 750,821 706,667
Thereafter 5,139,666 4,169,245

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space. Does not include residential units and hotel.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q2 2024
Quarterly lease expirations - Boston region in-service properties 1, 2, 3

as of June 30, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 46,689 43,234 4
Q3 2024 92,687 88,258
Q4 2024 70,208 70,208
Total 2024 209,584 201,700
Q1 2025 40,512 38,571
Q2 2025 592,333 578,907
Q3 2025 23,108 21,994
Q4 2025 146,442 127,298
Total 2025 802,395 766,770

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 6,127 6,127
Q4 2024 14,887 14,887
Total 2024 21,014 21,014
Q1 2025 27,591 27,276
Q2 2025 3,674 3,674
Q3 2025 5,047 5,047
Q4 2025 — —
Total 2025 36,312 35,997

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 46,689 43,234 4
Q3 2024 98,814 94,385
Q4 2024 85,095 85,095
Total 2024 230,598 222,714
Q1 2025 68,103 65,847
Q2 2025 596,007 582,581
Q3 2025 28,155 27,041
Q4 2025 146,442 127,298
Total 2025 838,707 802,767

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space. Does not include residential units and hotel.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q2 2024
Lease expirations - Los Angeles region in-service properties 1, 2, 3

as of June 30, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 233,599 233,599
2025 38,285 38,285
2026 4,573 4,573
2027 29,618 29,618
2028 246,857 149,060
2029 415,771 240,815
2030 19,977 19,977
2031 — —
2032 237,933 118,967
2033 186,894 93,447
Thereafter 494,641 494,641

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 2,000 1,000
2025 7,851 6,966
2026 — —
2027 — —
2028 — —
2029 38,118 38,118
2030 5,283 5,283
2031 — —
2032 — —
2033 — —
Thereafter 23,820 14,824

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 235,599 234,599
2025 46,136 45,251
2026 4,573 4,573
2027 29,618 29,618
2028 246,857 149,060
2029 453,889 278,933
2030 25,260 25,260
2031 — —
2032 237,933 118,967
2033 186,894 93,447
Thereafter 518,461 509,465

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

Q2 2024
Quarterly lease expirations - Los Angeles region in-service properties 1, 2, 3

as of June 30, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 25,347 25,347
Q4 2024 208,252 208,252
Total 2024 233,599 233,599
Q1 2025 4,944 4,944
Q2 2025 766 766
Q3 2025 7,311 7,311
Q4 2025 25,264 25,264
Total 2025 38,285 38,285

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 2,000 1,000
Q4 2024 — —
Total 2024 2,000 1,000
Q1 2025 — —
Q2 2025 1,770 885
Q3 2025 6,081 6,081
Q4 2025 — —
Total 2025 7,851 6,966

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 27,347 26,347
Q4 2024 208,252 208,252
Total 2024 235,599 234,599
Q1 2025 4,944 4,944
Q2 2025 2,536 1,651
Q3 2025 13,392 13,392
Q4 2025 25,264 25,264
Total 2025 46,136 45,251

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

Q2 2024
Lease expirations - New York region in-service properties 1, 2, 3

as of June 30, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 405,857 302,326 4
2025 990,808 682,930
2026 683,714 546,332
2027 443,910 372,804
2028 634,527 438,699
2029 934,250 850,751
2030 749,875 698,110
2031 352,583 302,464
2032 273,765 183,552
2033 347,701 311,439
Thereafter 4,668,096 3,273,405

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 4,894 4,894
2026 32,536 27,109
2027 — —
2028 2,424 647
2029 9,577 5,671
2030 1,023 1,023
2031 12,787 9,277
2032 12,182 11,064
2033 19,279 19,279
Thereafter 275,925 154,770

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 405,857 302,326 4
2025 995,702 687,824
2026 716,250 573,441
2027 443,910 372,804
2028 636,951 439,346
2029 943,827 856,422
2030 750,898 699,133
2031 365,370 311,741
2032 285,947 194,616
2033 366,980 330,718
Thereafter 4,944,021 3,428,175

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q2 2024
Quarterly lease expirations - New York region in-service properties 1, 2, 3

as of June 30, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 208,400 114,620 4
Q3 2024 131,245 125,345
Q4 2024 66,212 62,361
Total 2024 405,857 302,326
Q1 2025 491,408 207,683
Q2 2025 147,292 130,676
Q3 2025 126,901 123,072
Q4 2025 225,207 221,499
Total 2025 990,808 682,930

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 — —
Total 2024 — —
Q1 2025 715 715
Q2 2025 — —
Q3 2025 4,179 4,179
Q4 2025 — —
Total 2025 4,894 4,894

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 208,400 114,620 4
Q3 2024 131,245 125,345
Q4 2024 66,212 62,361
Total 2024 405,857 302,326
Q1 2025 492,123 208,398
Q2 2025 147,292 130,676
Q3 2025 131,080 127,251
Q4 2025 225,207 221,499
Total 2025 995,702 687,824

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q2 2024
Lease expirations - San Francisco region in-service properties 1, 2, 3

as of June 30, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 225,383 204,871
2025 563,254 531,248
2026 658,495 567,403
2027 542,248 531,284
2028 649,554 619,519
2029 431,038 384,208
2030 359,484 347,871
2031 1,173,958 1,029,650
2032 342,780 312,263
2033 623,568 623,568
Thereafter 306,210 306,210

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 484 484
2025 9,603 9,603
2026 10,259 10,259
2027 12,566 12,566
2028 17,722 17,722
2029 5,368 5,368
2030 15,689 15,689
2031 30,155 26,801
2032 6,357 6,357
2033 21,063 21,063
Thereafter — —

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 225,867 205,355 86.48
2025 572,857 540,851
2026 668,754 577,662
2027 554,814 543,850
2028 667,276 637,241
2029 436,406 389,576
2030 375,173 363,560
2031 1,204,113 1,056,451
2032 349,137 318,620
2033 644,631 644,631
Thereafter 306,210 306,210

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

Q2 2024
Quarterly lease expirations - San Francisco region in-service properties 1, 2, 3

as of June 30, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 46,972 36,300
Q4 2024 178,411 168,571
Total 2024 225,383 204,871
Q1 2025 70,950 69,630
Q2 2025 131,401 117,846
Q3 2025 269,442 256,115
Q4 2025 91,461 87,658
Total 2025 563,254 531,248

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 484 484
Q4 2024 — —
Total 2024 484 484
Q1 2025 1 1
Q2 2025 3,345 3,345
Q3 2025 5,837 5,837
Q4 2025 420 420
Total 2025 9,603 9,603

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 47,456 36,784
Q4 2024 178,411 168,571
Total 2024 225,867 205,355
Q1 2025 70,951 69,631
Q2 2025 134,746 121,191
Q3 2025 275,279 261,952
Q4 2025 91,881 88,078
Total 2025 572,857 540,851

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

Q2 2024
Lease expirations - Seattle region in-service properties 1, 2, 3

as of June 30, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 968 326
2025 32,959 16,876
2026 43,521 42,653
2027 76,817 73,898
2028 649,347 312,816
2029 254,820 234,762
2030 33,054 33,054
2031 4,742 1,597
2032 64,737 51,388
2033 — —
Thereafter 40,529 13,646

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 — —
2026 3,686 1,241
2027 — —
2028 945 945
2029 1,040 350
2030 — —
2031 3,048 3,048
2032 — —
2033 — —
Thereafter — —

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 968 326
2025 32,959 16,876
2026 47,207 43,894
2027 76,817 73,898
2028 650,292 313,761
2029 255,860 235,112
2030 33,054 33,054
2031 7,790 4,645
2032 64,737 51,388
2033 — —
Thereafter 40,529 13,646

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space. Does not include residential units.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

Q2 2024
Quarterly lease expirations - Seattle region in-service properties 1, 2, 3

as of June 30, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 968 326
Total 2024 968 326
Q1 2025 — —
Q2 2025 19,854 6,685
Q3 2025 — —
Q4 2025 13,105 10,191
Total 2025 32,959 16,876

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 — —
Total 2024 — —
Q1 2025 — —
Q2 2025 — —
Q3 2025 — —
Q4 2025 — —
Total 2025 — —

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 968 326
Total 2024 968 326
Q1 2025 — —
Q2 2025 19,854 6,685
Q3 2025 — —
Q4 2025 13,105 10,191
Total 2025 32,959 16,876

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space. Does not include residential units.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

Q2 2024
Lease expirations - Washington, DC region in-service properties 1, 2, 3

as of June 30, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 350,443 346,922 4
2025 312,293 298,551
2026 332,370 268,300
2027 574,776 444,111
2028 164,701 160,956
2029 269,905 242,954
2030 184,735 162,145
2031 144,674 133,256
2032 818,864 798,053
2033 979,568 976,416
Thereafter 3,442,841 3,063,028

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 4,479 4,479
2025 25,701 25,701
2026 34,403 32,586
2027 48,212 44,110
2028 31,517 31,517
2029 30,913 30,913
2030 30,508 30,508
2031 34,819 34,819
2032 17,703 17,703
2033 147,314 147,314
Thereafter 109,689 106,568

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 354,922 351,401 4
2025 337,994 324,252
2026 366,773 300,886
2027 622,988 488,221
2028 196,218 192,473
2029 300,818 273,867
2030 215,243 192,653
2031 179,493 168,075
2032 836,567 815,756
2033 1,126,882 1,123,730
Thereafter 3,552,530 3,169,596

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space. Does not include residential units.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q2 2024
Quarterly lease expirations - Washington, DC region in-service properties 1, 2, 3

as of June 30, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 10,149 10,149 4
Q3 2024 72,769 69,248
Q4 2024 267,525 267,525
Total 2024 350,443 346,922
Q1 2025 71,357 66,020
Q2 2025 81,113 77,655
Q3 2025 102,389 100,239
Q4 2025 57,434 54,638
Total 2025 312,293 298,551

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 4,479 4,479
Q4 2024 — —
Total 2024 4,479 4,479
Q1 2025 5,594 5,594
Q2 2025 17,170 17,170
Q3 2025 943 943
Q4 2025 1,994 1,994
Total 2025 25,701 25,701

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 10,149 10,149 4
Q3 2024 77,248 73,727
Q4 2024 267,525 267,525
Total 2024 354,922 351,401
Q1 2025 76,951 71,614
Q2 2025 98,283 94,825
Q3 2025 103,332 101,182
Q4 2025 59,428 56,632
Total 2025 337,994 324,252

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space. Does not include residential units.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q2 2024
Lease expirations - CBD properties 1, 2, 3

as of June 30, 2024

Boston

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 91,137 83,253 4
2025 213,098 177,158
2026 580,925 543,927
2027 497,563 483,448
2028 782,534 765,133
2029 799,842 665,006
2030 1,548,173 1,500,199
2031 47,087 40,591
2032 452,783 452,192
2033 519,274 475,120
Thereafter 4,682,425 3,712,005

All values are in US Dollars.

Los Angeles

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 235,599 234,599
2025 46,136 45,251
2026 4,573 4,573
2027 29,618 29,618
2028 246,857 149,060
2029 453,889 278,933
2030 25,260 25,260
2031 — —
2032 237,933 118,967
2033 186,894 93,447
Thereafter 518,461 509,465

All values are in US Dollars.

New York

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 302,055 198,524 4
2025 805,183 497,305
2026 428,816 286,007
2027 239,162 168,056
2028 578,827 381,222
2029 737,810 650,405
2030 703,724 651,959
2031 218,382 164,753
2032 230,637 139,306
2033 347,549 311,287
Thereafter 4,751,539 3,235,693

All values are in US Dollars.

Q2 2024
Lease expirations - CBD properties (continued) 1, 2, 3

as of June 30, 2024

San Francisco

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 184,843 184,843
2025 204,210 204,210
2026 482,369 482,369
2027 450,545 450,545
2028 542,821 542,821
2029 302,881 302,881
2030 299,418 299,418
2031 913,399 913,399
2032 288,102 288,102
2033 644,631 644,631
Thereafter 306,210 306,210

All values are in US Dollars.

Seattle, WA

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 968 326
2025 32,959 16,876
2026 47,207 43,894
2027 76,817 73,898
2028 650,292 313,761
2029 255,860 235,112
2030 33,054 33,054
2031 7,790 4,645
2032 64,737 51,388
2033 — —
Thereafter 40,529 13,646

All values are in US Dollars.

Washington, DC

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 313,674 310,153
2025 289,156 275,414
2026 348,808 282,921
2027 598,439 463,671
2028 176,014 172,269
2029 298,165 271,214
2030 210,045 187,455
2031 177,223 165,805
2032 836,567 815,756
2033 1,055,138 1,051,986
Thereafter 3,528,252 3,145,318

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space. Does not include residential units and hotel.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q2 2024
Lease expirations - Suburban properties 1, 2, 3

as of June 30, 2024

Boston

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 139,461 139,461 4
2025 625,609 625,609
2026 245,672 245,672
2027 263,175 263,175
2028 253,199 253,199
2029 513,242 513,242
2030 187,507 187,507
2031 571,925 511,585
2032 205,851 205,851
2033 231,547 231,547
Thereafter 457,241 457,241

All values are in US Dollars.

New York

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 103,802 103,802
2025 190,519 190,519
2026 287,434 287,434
2027 204,748 204,748
2028 58,124 58,124
2029 206,017 206,017
2030 47,174 47,174
2031 146,988 146,988
2032 55,310 55,310
2033 19,431 19,431
Thereafter 192,482 192,482

All values are in US Dollars.

San Francisco

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 41,024 20,512
2025 368,647 336,641
2026 186,385 95,293
2027 104,269 93,305
2028 124,455 94,420
2029 133,525 86,695
2030 75,755 64,142
2031 290,714 143,051
2032 61,035 30,518
2033 — —
Thereafter — —

All values are in US Dollars.

Q2 2024
Lease expirations - Suburban properties (continued) 1, 2, 3

as of June 30, 2024

Washington, DC

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 41,248 41,248 4
2025 48,838 48,838
2026 17,965 17,965
2027 24,549 24,549
2028 20,204 20,204
2029 2,653 2,653
2030 5,198 5,198
2031 2,270 2,270
2032 — —
2033 71,744 71,744
Thereafter 24,278 24,278

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space. Does not include residential units and hotel.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the future lease expires.

4Includes square feet expiring on the last day of the current quarter.

Q2 2024
Research coverage

With the exception of Green Street Advisors, an independent research firm, the equity analysts listed below are those analysts that, according to Thomson Reuters Corporation, have published research material on the Company and are listed as covering the Company. Please note that any opinions, estimates or forecasts regarding the Company’s performance made by the analysts listed below do not represent the opinions, estimates or forecasts of the Company or its management. The Company does not by its reference below imply its endorsement of or concurrence with any information, conclusions or recommendations made by any of such analysts.

Equity Research Coverage
Bank of America Merrill Lynch Jeffrey Spector / Camille Bonnel 646.855.1363 / 416.369.2140
Barclays Brendan Lynch 212.526.9428
BMO Capital John Kim 212.885.4115
BTIG Tom Catherwood 212.738.6140
Citi Nicholas Joseph / Michael Griffin 212.816.1909 / 212.816.5871
Compass Point Research & Trading, LLC Floris van Dijkum 646.757.2621
Deutsche Bank Omotayo Okusanya 212.250.9284
Evercore ISI Steve Sakwa 212.446.9462
Goldman Sachs Caitlin Burrows 212.902.4736
Green Street Advisors Dylan Burzinski 949.640.8780
Jefferies & Co. Peter Abramowitz 212.336.7241
J.P. Morgan Securities Anthony Paolone 212.622.6682
Keybanc Capital Market Todd Thomas/Upal Rana 917.368.2286 / 917.368.2316
Mizuho Securities Vikram Malhotra 212.209.9300
Morgan Stanley Ronald Kamdem 212.296.8319
Piper Sandler Companies Alexander Goldfarb 212.466.7937
Scotiabank GBM Nicholas Yulico 212.225.6904
Truist Securities Michael Lewis 212.319.5659
UBS US Equity Research Michael Goldsmith 212.713.2951
Wedbush Richard Anderson 212.938.9949
Wells Fargo Securities Blaine Heck 443.263.6529
Wolfe Research Andrew Rosivach 646.582.9250 Debt Research Coverage
--- --- ---
Barclays Srinjoy Banerjee 212.526.3521
J.P. Morgan Securities Mark Streeter 212.834.5086
US Bank Bill Stafford 877.558.2605
Wells Fargo Kevin McClure 704.410.1100 Rating Agencies
--- --- ---
Moody’s Investors Service Christian Azzi 212.553.7718
Standard & Poor’s Michael Souers 212.438.2508
Q2 2024
--- ---
Definitions

This section contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this Supplemental report and, if applicable, the reasons why management believes these non-GAAP financial measures provide useful information to investors about the Company’s financial condition and results of operations and the other purposes for which management uses the measures. Additional detail can be found in the Company’s most recent annual report on Form 10-K and quarterly report on Form 10-Q, as well as other documents the Company files or furnishes to the SEC from time to time.

The Company also presents “BXP’s Share” of certain of these measures, which are non-GAAP financial measures that are calculated as the consolidated amount calculated in accordance with GAAP, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest and, in some cases, after priority allocations), minus the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests and, in some cases, after income allocation to private REIT shareholders and their share of fees due to the Company).  Management believes that presenting “BXP’s Share” of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, management believes that presenting BXP’s Share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures.  The Company cautions investors that the ownership percentages used in calculating “BXP’s Share” of these measures may not completely and accurately depict all of the legal and economic implications of holding an interest in a consolidated or unconsolidated joint venture. For example, in addition to partners’ interests in profits and capital, venture agreements vary in the allocation of rights regarding decision making (both routine and major decisions), distributions, transferability of interests, financings and guarantees, liquidations and other matters. As a result, presentations of “BXP’s Share” of a financial measure should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Unless noted otherwise, reconciliations of “BXP’s Share” of these financial measures can be found in the Reconciliations section of this Supplemental package starting on page 61.

The Company may also present "BXP's Share" of certain operating metrics, such as occupancy and leased percentages based upon square footage. Amounts are calculated based on our consolidated portfolio square feet, plus our share of the square feet from the unconsolidated joint venture properties (calculated based on our ownership percentage), minus our partners’ share of square feet from our consolidated joint venture properties (calculated based upon the partners’ percentage ownership interests).

Annualized Rental Obligations

Annualized Rental Obligations is defined as monthly Rental Obligations, as of the last day of the reporting period, multiplied by twelve (12).

Average Economic Occupancy

Average Economic Occupancy is defined as (1) total possible revenue less vacancy loss divided by (2) total possible revenue, expressed as a percentage. Total possible revenue is determined by valuing average occupied units at contract rates and average vacant units at Market Rents. Vacancy loss is determined by valuing vacant units at current Market Rents. By measuring vacant units at their Market Rents, Average Economic Occupancy takes into account the fact that units of different sizes and locations within a residential property have different economic impacts on a residential property’s total possible gross revenue.

Average Monthly Rental Rates

Average Monthly Rental Rates are calculated by the Company as the average of the quotients obtained by dividing (A) rental revenue as determined in accordance with GAAP by (B) the number of occupied units for each month within the applicable fiscal period.

Average Physical Occupancy

Average Physical Occupancy is defined as (1) the average number of occupied units divided by (2) the total number of units, expressed as a percentage.

Debt to Market Capitalization Ratio

Consolidated Debt to Consolidated Market Capitalization Ratio is a measure of leverage commonly used by analysts in the REIT sector that equals the quotient of (A) the Company’s Consolidated Debt divided by (B) the Company’s Consolidated Market Capitalization, presented as a percentage. Consolidated Market Capitalization is the sum of (x) the Company’s Consolidated Debt plus (y) the market value of the Company’s outstanding equity securities calculated using the closing price per share of common stock of the Company, as reported by the New York Stock Exchange, multiplied by the sum of (1) outstanding shares of common stock of the Company, (2) outstanding common units of limited partnership interest in Boston Properties Limited Partnership (excluding common units held by the Company), (3) common units issuable upon conversion of all outstanding LTIP Units, assuming all conditions have been met for the conversion of the LTIP Units, (4) common units issuable upon conversion of 2012 OPP Units that were issued in the form of LTIP Units, and (5) common units issuable upon conversion of 2013-2021 MYLTIP Units that were issued in the form of LTIP Units. The calculation of Consolidated Market Capitalization does not include LTIP Units issued in the form of MYLTIP Awards unless and until certain performance thresholds are achieved and they are earned. Because their three-year performance periods have not yet ended, 2022, 2023 and 2024 MYLTIP Units are not included.

The Company also presents BXP’s Share of Market Capitalization, which is calculated in a similar manner, except that BXP’s Share of Debt is utilized instead of the Company’s Consolidated Debt in both the numerator and the denominator. The Company presents these ratios because its degree of leverage could affect its ability to obtain additional financing for working capital, capital expenditures, acquisitions, development or other general corporate purposes and because different investors and lenders consider one or both of these ratios. Investors should understand that these ratios are, in part, a function of the market price of the common stock of the Company, and as such will fluctuate with changes in such price and do not necessarily reflect the Company’s capacity to incur additional debt to finance its activities or its ability to manage its existing debt obligations. However, for a company like BXP, Inc., whose assets are primarily income-producing real estate, these ratios may provide investors with an alternate indication of leverage, so long as they are evaluated along with the ratio of indebtedness to other measures of asset value used by financial analysts and other financial ratios, as well as the various components of the Company’s outstanding indebtedness.

Q2 2024
Definitions (continued)

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)

Pursuant to the definition of Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), the Company calculates EBITDAre as net income (loss) attributable to BXP, Inc, the most directly comparable GAAP financial measure, plus net (income) loss attributable to noncontrolling interests, interest expense, losses (gains) from early extinguishments of debt, depreciation and amortization expense, impairment loss and adjustments to reflect the Company’s share of EBITDAre from unconsolidated joint ventures less gains (losses) on sales of real estate and sales-type leases. EBITDAre is a non-GAAP financial measure. The Company uses EBITDAre internally as a performance measure and believes EBITDAre provides useful information to investors regarding its financial condition and results of operations at the corporate level because, when compared across periods, EBITDAre reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses and acquisition and development activities on an unleveraged basis, providing perspective not immediately apparent from net income (loss) attributable to BXP, Inc.

In some cases the Company also presents (A) BXP’s Share of EBITDAre – cash, which is BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion of sales type lease receivable, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense (excluding prepaid ground rent expense), stock-based compensation expense and lease transaction costs that qualify as rent inducements, and (B) Annualized EBITDAre, which is EBITDAre for the applicable fiscal quarter ended multiplied by four (4). Presenting BXP’s Share of EBITDAre – cash allows investors to compare EBITDAre across periods without taking into account the effect of certain non-cash rental revenues, ground rent expense and stock based compensation expense. Similar to depreciation and amortization, because of historical cost accounting, fair value lease revenue may distort operating performance measures at the property level. Additionally, presenting EBITDAre excluding the impact of straight-line rent provides investors with an alternative view of operating performance at the property level that more closely reflects rental revenue generated at the property level without regard to future contractual increases in rental rates. In addition, the Company’s management believes that the presentation of Annualized EBITDAre provides useful information to investors regarding the Company’s results of operations because it enables investors to more easily compare quarterly EBITDAre to EBITDAre from full fiscal years.

The Company’s computation of EBITDAre may not be comparable to EBITDAre reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently.  The Company believes that in order to facilitate a clear understanding of its operating results, EBITDAre should be examined in conjunction with net income (loss) attributable to BXP, Inc. as presented in the Company’s consolidated financial statements. EBITDAre should not be considered a substitute to net income (loss) attributable to BXP, Inc. in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

Fixed Charge Coverage Ratio

Fixed Charge Coverage Ratio equals BXP’s Share of EBITDAre – cash divided by Total Fixed Charges. BXP’s Share of EBITDAre – cash is a non-GAAP financial measure equal to BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion related to sales type lease receivable, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense, stock-based compensation expense and lease transaction costs that qualify as rent inducements. Total Fixed Charges is also a non-GAAP financial measure equal to the sum of BXP’s Share of interest expense, capitalized interest, maintenance capital expenditures, hotel improvements, equipment upgrades and replacements and preferred dividends/distributions less hedge amortization and amortization of financing costs. The Company believes that the presentation of its Fixed Charge Coverage Ratio provides investors with useful information about the Company’s financial performance as it relates to overall financial flexibility and balance sheet management. Furthermore, the Company believes that the Fixed Charge Coverage Ratio is frequently used by analysts, rating agencies and other interested parties in the evaluation of the Company’s performance as a REIT and, as a result, by presenting the Fixed Charge Coverage Ratio the Company assists these parties in their evaluations.  The Company’s calculation of its Fixed Charge Coverage Ratio may not be comparable to the ratios reported by other REITs or real estate companies that define the term differently and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP. For clarification purposes, this ratio does not include gains (losses) from early extinguishments of debt.

Funds Available for Distribution (FAD) and FAD Payout Ratio

In addition to FFO, which is defined on the following page, the Company presents Funds Available for Distribution to common shareholders and common unitholders (FAD), which is a non-GAAP financial measure that is calculated by (1) adding to FFO lease transaction costs that qualify as rent inducements, non-real estate depreciation and amortization, non-cash losses (gains) from early extinguishments of debt, stock-based compensation expense, partners’ share of consolidated and unconsolidated joint venture 2nd generation tenant improvement and leasing commissions (included in the period in which the lease commences) and unearned portion of capitalized fees, (2) eliminating the effects of straight-line rent, straight-line ground rent expense adjustment (excluding prepaid ground rent expense), hedge amortization, fair value interest adjustment, fair value lease revenue and amortization and accretion related to sales type lease receivable, and (3) subtracting maintenance capital expenditures, hotel improvements, equipment upgrades and replacements, 2nd generation tenant improvement and leasing commissions (included in the period in which the lease commences), non-cash termination income adjustment (fair value lease amounts) and impairments of non-depreciable real estate. The Company believes that the presentation of FAD provides useful information to investors regarding the Company’s results of operations because FAD provides supplemental information regarding the Company’s operating performance that would not otherwise be available and may be useful to investors in assessing the Company’s operating performance. Additionally, although the Company does not consider FAD to be a liquidity measure, as it does not make adjustments to reflect changes in working capital or the actual timing of the payment of income or expense items that are accrued in the period, the Company believes that FAD may provide investors with useful supplemental information regarding the Company’s ability to generate cash from its operating performance and the impact of the Company’s operating performance on its ability to make distributions to its shareholders. Furthermore, the Company believes that FAD is frequently used by analysts, investors and other interested parties in the evaluation of its performance as a REIT and, as a result, by presenting FAD the Company is assisting these parties in their evaluation. FAD should not be considered as a substitute for net income (loss) attributable to BXP, Inc.’s co determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

FAD Payout Ratio is defined as distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD.

Q2 2024
Definitions (continued)

Funds from Operations (FFO)

Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of Nareit, the Company calculates Funds from Operations, or “FFO,” by adjusting net income (loss) attributable to BXP, Inc. (computed in accordance with GAAP) for gains (or losses) from sales of properties or a change in control, impairment losses on depreciable real estate consolidated on the Company’s balance sheet, impairment losses on its investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a non-GAAP financial measure, but the Company believes the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing the Company’s operating results because, by excluding gains and losses related to sales or a change in control of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies.

The Company’s computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently.  In order to facilitate a clear understanding of the Company’s operating results, FFO should be examined in conjunction with net income (loss) attributable to BXP, Inc. as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income (loss) attributable to BXP, Inc. (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

In-Service Properties

The Company treats a property as being “in-service” upon the earlier of (1) lease-up and completion of tenant improvements or (2) one year after cessation of major construction activity as determined under GAAP. The determination as to when an entire property should be treated as “in-service” involves a degree of judgment and is made by management based on the relevant facts and circumstances of the particular property. For portfolio operating and occupancy statistics, the Company specifies a single date for treating a property as “in-service,” which is generally later than the date the property is partially placed in-service under GAAP. Under GAAP, a property may be placed in-service in stages as construction is completed and the property is held available for occupancy. In addition, under GAAP, when a portion of a property has been substantially completed and either occupied or held available for occupancy, the Company ceases capitalizing costs on that portion, even though it may not treat the property as being “in-service,” and continues to capitalize only those costs associated with the portion still under construction. In-service properties include properties held by the Company’s unconsolidated joint ventures. A property will no longer be considered “in-service” when the occupied percentage is below 50% and the Company is no longer actively leasing the property in anticipation of a future development/redevelopment.

Interest Coverage Ratio

Interest Coverage Ratio, calculated including and excluding capitalized interest, is a non-GAAP financial measure equal to BXP’s Share of EBITDAre – cash divided by Adjusted interest expense. BXP’s Share of EBITDAre – cash is a non-GAAP financial measure equal to BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion related to sales type lease receivable, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense (excluding prepaid ground rent expense), stock-based compensation expense and lease transaction costs that qualify as rent inducements. Adjusted interest expense excluding capitalized interest is equal to BXP’s Share of interest expense less (1) BXP’s Share of hedge amortization, (2) BXP’s Share of fair value interest adjustment and (3) BXP’s Share of amortization of financing costs. Adjusted interest expense including capitalized interest is calculated in the same manner but adds back BXP’s Share of capitalized interest. The Company believes that the presentation of its Interest Coverage Ratio provides useful information about the Company’s financial condition because it provides investors additional information on the Company’s ability to meet its debt obligations and incur additional indebtedness. In addition, by analyzing interest coverage ratios over a period of time, trends may emerge that provide investors a better sense of whether a company’s financial condition is improving or declining. The ratios may also be used to compare the financial condition of different companies, which can help when making an investment decision. The Company presents its Interest Coverage Ratio in two ways - including capitalized interest and excluding capitalized interest. GAAP requires the capitalization of interest expense during development. Therefore, for a company like BXP, Inc. that is an active developer of real estate, presenting the Interest Coverage Ratio (excluding capitalized interest) provides an alternative measure of financial condition that may be more indicative of the Company’s ability to meet its interest expense obligations and therefore its overall financial condition. For clarification purposes, this ratio does not include gains (losses) from early extinguishments of debt.

Market Rents

Market Rents used by the Company in calculating Average Economic Occupancy are based on the current market rates set by the managers of the Company’s residential properties based on their experience in renting their residential property’s units and publicly available market data. Trends in market rents for a region as reported by others could therefore vary materially. Market Rents for a period are based on the average Market Rents during that period and do not reflect any impact for cash concessions.

Net Debt

Net Debt is equal to (A) the Company’s consolidated debt plus special dividends payable (if any) less (B) cash and cash equivalents and cash held in escrow for potential Section 1031 like kind exchange(s) (if any). The Company believes that the presentation of Net Debt provides useful information to investors because the Company reviews Net Debt as part of the management of its overall financial flexibility, capital structure and leverage. In particular, Net Debt is an important component of the Company’s ratio of BXP’s Share of Net Debt to BXP’s Share of EBITDAre.  BXP’s Share of Net Debt is calculated in a similar manner to Net Debt, except that (1) BXP’s Share of Debt is utilized instead of the Company’s consolidated debt after eliminating BXP’s Share of the related party note receivable and (2) BXP’s Share of cash is utilized instead of consolidated cash. The Company believes BXP’s Share of Net Debt to BXP’s Share of EBITDAre is useful to investors because it provides an alternative measure of the Company’s financial flexibility, capital structure and leverage based on its percentage ownership interest in all of its assets. Furthermore, certain debt rating agencies, creditors and credit analysts monitor the Company’s Net Debt as part of their assessments of its business. The Company may utilize a considerable portion of its cash and cash equivalents at any given time for purposes other than debt reduction. In addition, cash and cash equivalents and cash held in escrow for potential Section 1031 like kind exchange(s) may not be solely controlled by the Company. The deduction of these items from consolidated debt in the calculation of Net Debt therefore should not be understood to mean that these items are available exclusively for debt reduction at any given time.

Q2 2024
Definitions (continued)

Net Operating Income/(Loss) (NOI)

Net operating income (NOI) is a non-GAAP financial measure equal to net income attributable to BXP, Inc., the most directly comparable GAAP financial measure, plus (1) net income attributable to noncontrolling interests, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, impairment loss, and interest expense, less (2) development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, gains (losses) on sales of real estate, gains (losses) from investments in securities, unrealized gain (loss) on non-real estate investment, and interest and other income (loss). In some cases, the Company also presents (1) NOI – cash, which is NOI after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion related to sales type lease, straight-line ground rent expense adjustment (excluding prepaid ground rent), prepaid ground rent expense and lease transaction costs that qualify as rent inducements in accordance with GAAP, and (2) NOI and NOI – cash, in each case excluding termination income.

The Company uses these measures internally as performance measures and believes they provide useful information to investors regarding the Company’s results of operations and financial condition because, when compared across periods, they reflect the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). In addition, depreciation and amortization expense because of historical cost accounting and useful life estimates, may distort operating performance measures at the property level. Presenting NOI – cash allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues, amortization and accretion related to sales type lease receivable and ground rent expenses. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of the straight-lining of rent and amortization and accretion related to sale type lease receivable provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated at the property level on an unleveraged basis. Presenting NOI measures that exclude termination income provides investors with additional information regarding operating performance at a property level that allows them to compare operating performance between periods without taking into account termination income, which can distort the results for any given period because they generally represent multiple months or years of a client’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the client’s lease and are not reflective of the core ongoing operating performance of the Company’s properties.

Rental Obligations

Rental Obligations is defined as the contractual base rents (but excluding percentage rent) and budgeted reimbursements from clients under existing leases. These amounts exclude rent abatements.

Rental Revenue

Rental Revenue is equal to Total revenue, the most directly comparable GAAP financial measure, less development and management services revenue and direct reimbursements of payroll and related costs from management services contracts. The Company uses Rental Revenue internally as a performance measure and in calculating other non-GAAP financial measures (e.g., NOI), which provides investors with information regarding our performance that is not immediately apparent from the comparable non-GAAP measures and allows investors to compare operating performance between periods. The Company also presents Rental Revenue (excluding termination income) because termination income can distort the results for any given period because it generally represents multiple months or years of a client’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the client’s lease and does not reflect the core ongoing operating performance of the Company’s properties.

Same Properties

In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were in-service and owned by the Company throughout each period presented. The Company refers to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Properties.” “Same Properties” therefore exclude properties placed in-service, acquired, repositioned or in or held for development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired or treated as “in-service” for that property to be included in “Same Properties.” Pages 22 - 25 indicate by footnote the “In-Service Properties” that are not included in “Same Properties.”

Q2 2024
Reconciliations

(unaudited and in thousands)

BXP’s Share of select items
Three Months Ended
30-Jun-24 31-Mar-24
Revenue $ 850,482 $ 839,439
Partners’ share of revenue from consolidated joint ventures (JVs) (81,219) (80,049)
BXP’s share of revenue from unconsolidated JVs 51,527 56,655
BXP’s Share of revenue $ 820,790 $ 816,045
Straight-line rent $ 16,094 $ 40,520
Partners’ share of straight-line rent from consolidated JVs (2,549) (4,925)
BXP’s share of straight-line rent from unconsolidated JVs 3,238 3,889
BXP’s Share of straight-line rent $ 16,783 $ 39,484
Fair value lease revenue 1 $ 1,363 $ 1,394
Partners’ share of fair value lease revenue from consolidated JVs 1 11 11
BXP’s share of fair value lease revenue from unconsolidated JVs 1 987 987
BXP’s Share of fair value lease revenue 1 $ 2,361 $ 2,392
Lease termination income $ 841 $ 1,999
Partners’ share of termination income from consolidated JVs (40) 34
BXP’s share of termination income from unconsolidated JVs — 2,659
BXP’s Share of termination income $ 801 $ 4,692
Non-cash termination income adjustment (fair value lease amounts) $ — $ 189
Partners’ share of non-cash termination income adjustment (fair value lease amounts) from consolidated JVs — —
BXP’s share of non-cash termination income adjustment (fair value lease amounts) from unconsolidated JVs — —
BXP’s Share of non-cash termination income adjustment (fair value lease amounts) $ — $ 189
Parking and other revenue $ 33,890 $ 29,693
Partners’ share of parking and other revenue from consolidated JVs (909) (667)
BXP’s share of parking and other revenue from unconsolidated JVs 1,759 2,392
BXP’s Share of parking and other revenue $ 34,740 $ 31,418
Hedge amortization, net of costs $ 1,590 $ 1,590
Partners’ share of hedge amortization, net of costs from consolidated JVs (144) (144)
BXP’s share of hedge amortization, net of costs from unconsolidated JVs 584 584
BXP’s Share of hedge amortization, net of costs $ 2,030 $ 2,030
Straight-line ground rent expense adjustment $ 589 $ 520
Partners’ share of straight-line ground rent expense adjustment from consolidated JVs — —
BXP’s share of straight-line ground rent expense adjustment from unconsolidated JVs 139 139
BXP’s Share of straight-line ground rent expense adjustment $ 728 $ 659
Depreciation and amortization $ 219,542 $ 218,716
Noncontrolling interests in property partnerships’ share of depreciation and amortization (19,203) (18,695)
BXP’s share of depreciation and amortization from unconsolidated JVs 19,827 20,223
BXP’s Share of depreciation and amortization $ 220,166 $ 220,244
Lease transaction costs that qualify as rent inducements 2 $ 3,471 $ 5,312
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs 2 (255) —
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs 2 — 13
BXP’s Share of lease transaction costs that qualify as rent inducements 2 $ 3,216 $ 5,325
2nd generation tenant improvements and leasing commissions $ 38,126 $ 97,364
Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs (5,712) (13,926)
BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs 2 1,093
BXP’s Share of 2nd generation tenant improvements and leasing commissions $ 32,416 $ 84,531 Q2 2024
--- ---
Reconciliations (continued) Maintenance capital expenditures 3 $ 16,218 $ 13,102
--- --- --- --- ---
Partners’ share of maintenance capital expenditures from consolidated JVs 3 (1,821) (2,072)
BXP’s share of maintenance capital expenditures from unconsolidated JVs 3 94 14
BXP’s Share of maintenance capital expenditures 3 $ 14,491 $ 11,044
Interest expense $ 149,642 $ 161,891
Partners’ share of interest expense from consolidated JVs (11,882) (11,883)
BXP’s share of interest expense from unconsolidated JVs 18,651 18,759
BXP’s Share of interest expense $ 156,411 $ 168,767
Capitalized interest $ 10,336 $ 9,381
Partners’ share of capitalized interest from consolidated JVs (32) (32)
BXP’s share of capitalized interest from unconsolidated JVs 3,463 3,399
BXP’s Share of capitalized interest $ 13,767 $ 12,748
Amortization of financing costs $ 5,073 $ 5,436
Partners’ share of amortization of financing costs from consolidated JVs (498) (498)
BXP’s share of amortization of financing costs from unconsolidated JVs 375 377
BXP’s Share of amortization of financing costs $ 4,950 $ 5,315
Fair value interest adjustment $ 4,206 $ 4,302
Partners’ share of fair value of interest adjustment from consolidated JVs — —
BXP’s share off fair value interest adjustment from unconsolidated JVs 499 499
BXP’s Share of fair value interest adjustment $ 4,705 $ 4,801
Amortization and accretion related to sales type lease $ 246 $ 242
Partners’ share of amortization and accretion related to sales type lease from consolidated JVs — —
BXP’s share off amortization and accretion related to sales type lease from unconsolidated JVs 28 27
BXP’s Share of amortization and accretion related to sales type lease $ 274 $ 269

_____________

1Represents the net adjustment for above- and below-market leases that are being amortized over the terms of the respective leases in place at the property acquisition dates.

2Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the period the lease commences.

3Maintenance capital expenditures do not include planned capital expenditures related to acquisitions and repositioning capital expenditures.

Q2 2024
Reconciliations (continued)

for the three months ended June 30, 2024

(unaudited and dollars in thousands)

CONSOLIDATED JOINT VENTURES
767 Fifth Avenue Total Consolidated
(The GM Building) Norges Joint Ventures 1 Joint Ventures
Revenue
Lease 2 $ 76,401 $ 104,616 $ 181,017
Straight-line rent 5,601 686 6,287
Fair value lease revenue (27) — (27)
Termination income — 89 89
Total lease revenue 81,975 105,391 187,366
Parking and other 30 1,993 2,023
Total rental revenue 3 82,005 107,384 189,389
Expenses
Operating 33,849 41,383 75,232
Net Operating Income (NOI) 48,156 66,001 114,157
Other income (expense)
Development and management services revenue — 209 209
Gains from investments in securities — 3 3
Interest and other income 1,570 2,033 3,603
Interest expense (21,176) (7,589) (28,765)
Depreciation and amortization expense (17,320) (25,714) (43,034)
Transaction costs — (5) (5)
General and administrative expense (47) (109) (156)
Total other income (expense) (36,973) (31,172) (68,145)
Net income $ 11,183 $ 34,829 $ 46,012
BXP’s nominal ownership percentage 60.00% 55.00%
Partners’ share of NOI (after income allocation to private REIT shareholders) 4 $ 18,587 $ 28,804 $ 47,391
BXP’s share of NOI (after income allocation to private REIT shareholders) $ 29,569 $ 37,197 $ 66,766
Unearned portion of capitalized fees 5 $ 223 $ 966 $ 1,189
Partners’ share of select items 4
Partners’ share of parking and other revenue $ 12 $ 897 $ 909
Partners’ share of hedge amortization $ 144 $ — $ 144
Partners’ share of amortization of financing costs $ 346 $ 152 $ 498
Partners’ share of depreciation and amortization related to capitalized fees $ 387 $ 514 $ 901
Partners’ share of capitalized interest $ — $ 32 $ 32
Partners’ share of lease transactions costs which will qualify as rent inducements $ — $ (255) $ (255)
Partners’ share of management and other fees $ 675 $ 937 $ 1,612
Partners’ share of basis differential depreciation and amortization expense $ (24) $ (173) $ (197)
Partners’ share of basis differential interest and other adjustments $ (4) $ 9 $ 5
Reconciliation of Partners’ share of EBITDAre 6
Partners’ NCI $ 3,439 $ 14,386 $ 17,825
Add:
Partners’ share of interest expense after BXP’s basis differential 8,467 3,415 11,882
Partners’ share of depreciation and amortization expense after BXP’s basis differential 7,291 11,912 19,203
Partners’ share of EBITDAre $ 19,197 $ 29,713 $ 48,910
Q2 2024
--- ---
Reconciliations (continued)

for the three months ended June 30, 2024

(unaudited and dollars in thousands)

CONSOLIDATED JOINT VENTURES
767 Fifth Avenue Total Consolidated
Reconciliation of Partners’ share of Net Operating Income (Loss) (NOI) 6 (The GM Building) Norges Joint Ventures 1 Joint Ventures
Rental revenue 3 $ 32,802 $ 48,323 $ 81,125
Less: Termination income — 40 40
Rental revenue (excluding termination income) 3 32,802 48,283 81,085
Less: Operating expenses (including partners’ share of management and other fees) 14,215 19,549 33,764
Income allocation to private REIT shareholders — (30) (30)
NOI (excluding termination income and after income allocation to private REIT shareholders) $ 18,587 $ 28,764 $ 47,351
Rental revenue (excluding termination income) 3 $ 32,802 $ 48,283 $ 81,085
Less: Straight-line rent 2,240 309 2,549
Fair value lease revenue (11) — (11)
Add: Lease transaction costs that qualify as rent inducements — 255 255
Subtotal 30,573 48,229 78,802
Less: Operating expenses (including partners’ share of management and other fees) 14,215 19,549 33,764
Income allocation to private REIT shareholders — (30) (30)
NOI - cash (excluding termination income and after income allocation to private REIT shareholders) $ 16,358 $ 28,710 $ 45,068
Reconciliation of Partners’ share of Revenue 4
Rental revenue 3 $ 32,802 $ 48,323 $ 81,125
Add: Development and management services revenue — 94 94
Revenue $ 32,802 $ 48,417 $ 81,219

_________

1Norges Joint Ventures include Times Square Tower, 601 Lexington Avenue/One Five Nine East 53rd Street, 100 Federal Street, Atlantic Wharf Office, 343 Madison Avenue, 300 Binney Street, and 290 Binney Street.

2 Lease revenue includes recoveries from clients and service income from clients.

3See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

4Amounts represent the partners’ share based on their respective ownership percentage.

5Capitalized fees are eliminated in consolidation and recognized over the life of the asset as depreciation and amortization are added back to the Company’s net income.

6Amounts represent the partners’ share based on their respective ownership percentages and are adjusted for basis differentials and the allocations of management and other fees and depreciation and amortization related to capitalized fees.

Q2 2024
Reconciliations (continued)

for the three months ended June 30, 2024

(unaudited and dollars in thousands)

UNCONSOLIDATED JOINT VENTURES 1

Boston Los Angeles New York San Francisco Seattle Washington, DC Total Unconsolidated Joint Ventures
Revenue
Lease 2 $ 25,662 $ 19,130 $ 21,853 $ 13,110 $ 7,078 $ 17,882 $ 104,715
Straight-line rent 1,084 (793) 1,549 3,780 548 35 6,203
Fair value lease revenue — — 1,538 15 1,087 — 2,640
Termination income — — — — — — —
Amortization and accretion related to sales type lease 56 — — — — — 56
Total lease revenue 26,802 18,337 24,940 16,905 8,713 17,917 113,614
Parking and other — 1,743 304 274 635 974 3,930
Total rental revenue 3 26,802 20,080 25,244 17,179 9,348 18,891 117,544
Expenses
Operating 9,419 6,800 13,783 4 7,728 3,594 5,023 46,347
Net operating income/(loss) 17,383 13,280 11,461 9,451 5,754 13,868 71,197
Other income/(expense)
Development and management services revenue — — 557 — — 4 561
Interest and other income (loss) 226 825 260 4 165 567 2,047
Interest expense (11,349) (4,998) (13,445) — (4,788) (8,719) (43,299)
Unrealized gain on derivative instruments — — 848 — — — 848
Transaction costs — (5) — — — — (5)
Depreciation and amortization expense (8,669) (5,345) (8,727) (6,646) (4,660) (4,349) (38,396)
General and administrative expense — — (89) (13) (2) (2) (106)
Total other income/(expense) (19,792) (9,523) (20,596) (6,655) (9,285) (12,499) (78,350)
Net income/(loss) $ (2,409) $ 3,757 $ (9,135) $ 2,796 $ (3,531) $ 1,369 $ (7,153)
BXP’s share of select items:
BXP’s share of parking and other revenue $ — $ 872 $ 150 $ 137 $ 214 $ 386 $ 1,759
BXP’s share of amortization of financing costs $ 156 $ 23 $ 65 $ — $ 29 $ 102 $ 375
BXP’s share of hedge amortization, net of costs $ — $ — $ — $ — $ 584 $ — $ 584
BXP’s share of fair value interest adjustment $ — $ — $ 499 $ — $ — $ — $ 499
BXP’s share of capitalized interest $ — $ — $ 3,093 $ — $ — $ 370 $ 3,463
BXP’s share of amortization and accretion related to sales type lease $ 28 $ — $ — $ — $ — $ — $ 28
Reconciliation of BXP’s share of EBITDAre
Income/(loss) from unconsolidated joint ventures $ (1,213) $ 1,159 $ (6,031) $ 553 $ (918) $ 651 $ (5,799)
Add:
BXP’s share of interest expense 5,675 2,499 4,881 — 1,612 3,984 18,651
BXP’s share of depreciation and amortization expense 4,342 3,784 5 4,585 3,848 5 1,294 1,974 19,827
BXP’s share of EBITDAre $ 8,804 $ 7,442 5 $ 3,435 $ 4,401 5 $ 1,988 $ 6,609 $ 32,679 Q2 2024
--- ---
Reconciliations (continued) UNCONSOLIDATED JOINT VENTURES 1
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Reconciliation of BXP’s share of Net Operating Income/(Loss) Boston Los Angeles New York San Francisco Seattle Washington, DC Total Unconsolidated Joint Ventures
BXP’s share of rental revenue 3 $ 13,401 $ 10,436 5 $ 7,729 5 $ 8,326 5 $ 3,147 $ 8,207 $ 51,246
BXP’s share of operating expenses 4,710 3,401 4,571 3,915 1,209 1,853 19,659
BXP’s share of net operating income/(loss) 8,691 7,035 5 3,158 5 4,411 5 1,938 6,354 31,587
Less:
BXP’s share of termination income — — — — — — —
BXP’s share of net operating income/(loss) (excluding termination income) 8,691 7,035 3,158 4,411 1,938 6,354 31,587
Less:
BXP’s share of straight-line rent 542 (306) 5 887 5 1,859 5 185 71 3,238
BXP’s share of fair value lease revenue — 305 5 527 5 (211) 5 366 — 987
BXP’s share of amortization and accretion related to sales type lease 28 — — — — — 28
Add:
BXP’s share of straight-line ground rent expense adjustment — — 139 — — — 139
BXP’s share of lease transaction costs that qualify as rent inducements — — — — — — —
BXP’s share of net operating income/(loss) - cash (excluding termination income) $ 8,121 $ 7,036 5 $ 1,883 5 $ 2,763 5 $ 1,387 $ 6,283 $ 27,473
Reconciliation of BXP’s share of Revenue
BXP’s share of rental revenue 3 $ 13,401 $ 10,436 5 $ 7,729 5 $ 8,326 5 $ 3,147 $ 8,207 $ 51,246
Add:
BXP’s share of development and management services revenue — — 279 — — 2 281
BXP’s share of revenue $ 13,401 $ 10,436 5 $ 8,008 5 $ 8,326 5 $ 3,147 $ 8,209 $ 51,527

_____________

1 For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 22-25.

2 Lease revenue includes recoveries from clients and service income from clients.

3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

4 Includes approximately $278 of straight-line ground rent expense.

5 The Company’s purchase price allocation under ASC 805 for certain joint ventures differs from the historical basis of the venture.

Q2 2024
Reconciliations (continued)

Reconciliation of Net income attributable to BXP, Inc. to

BXP’s Share of same property net operating income (NOI)

(dollars in thousands)

Three Months Ended
31-Mar-24 31-Mar-23
Net income attributable to BXP, Inc. $ 79,883 $ 77,890
Net income attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership 9,500 9,078
Noncontrolling interest in property partnerships 17,221 18,660
Net income 106,604 105,628
Add:
Interest expense 161,891 134,207
Unrealized loss on non-real estate investment (396) (259)
Impairment loss 13,615 —
Depreciation and amortization expense 218,716 208,734
Transaction costs 513 911
Payroll and related costs from management services contracts 4,293 5,235
General and administrative expense 50,018 55,802
Less:
Interest and other income (loss) 14,529 10,941
Gains from investments in securities 2,272 1,665
Income (loss) from unconsolidated joint ventures 19,186 (7,569)
Direct reimbursements of payroll and related costs from management services contracts 4,293 5,235
Development and management services revenue 6,154 8,980
Net Operating Income (NOI) 508,820 491,006
Add:
BXP’s share of NOI from unconsolidated joint ventures 35,430 40,756
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 46,570 47,097
BXP’s Share of NOI 497,680 484,665
Less:
Termination income 1,999 195
BXP’s share of termination income from unconsolidated joint ventures 2,659 877
Add:
Partners’ share of termination income from consolidated joint ventures (34) 172
BXP’s Share of NOI (excluding termination income) $ 492,988 $ 483,765
Net Operating Income (NOI) $ 508,820 $ 491,006
Less:
Termination income 1,999 195
NOI from non Same Properties (excluding termination income) 25,336 (206)
Same Property NOI (excluding termination income) 481,485 491,017
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 46,604 46,925
Add:
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) — —
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 32,771 39,879
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 2,409 9,773
BXP’s Share of Same Property NOI (excluding termination income) $ 465,243 $ 474,198
Change in BXP’s Share of Same Property NOI (excluding termination income) $ (8,955)
Change in BXP’s Share of Same Property NOI (excluding termination income) (1.9) %
Q2 2024
--- ---
Reconciliations (continued)

Reconciliation of Net income attributable to BXP, Inc. to

BXP’s Share of same property net operating income (NOI) - cash

(dollars in thousands)

Three Months Ended
31-Mar-24 31-Mar-23
Net income attributable to BXP, Inc. $ 79,883 $ 77,890
Net (income) loss attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership 9,500 9,078
Noncontrolling interest in property partnerships 17,221 18,660
Net income 106,604 105,628
Add:
Interest expense 161,891 134,207
Unrealized loss on non-real estate investment (396) (259)
Impairment loss 13,615 —
Depreciation and amortization expense 218,716 208,734
Transaction costs 513 911
Payroll and related costs from management services contracts 4,293 5,235
General and administrative expense 50,018 55,802
Less:
Interest and other income (loss) 14,529 10,941
Gains from investments in securities 2,272 1,665
Income (loss) from unconsolidated joint ventures 19,186 (7,569)
Direct reimbursements of payroll and related costs from management services contracts 4,293 5,235
Development and management services revenue 6,154 8,980
Net Operating Income (NOI) 508,820 491,006
Less:
Straight-line rent 40,520 24,806
Fair value lease revenue 1,394 3,596
Amortization and accretion related to sales type lease 242 226
Termination income 1,999 195
Add:
Straight-line ground rent expense adjustment 1 537 591
Lease transaction costs that qualify as rent inducements 2 5,312 5,386
NOI - cash (excluding termination income) 470,514 468,160
Less:
NOI - cash from non Same Properties (excluding termination income) 13,660 (4,106)
Same Property NOI - cash (excluding termination income) 456,854 472,266
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 41,690 43,321
Add:
Partners’ share of NOI - cash from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) — —
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 28,020 36,510
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) (107) 8,991
BXP’s Share of Same Property NOI - cash (excluding termination income) $ 443,291 $ 456,464
Change in BXP’s Share of Same Property NOI - cash (excluding termination income) $ (13,173)
Change in BXP’s Share of Same Property NOI - cash (excluding termination income) (2.9) %

_____________

1In light of the front-ended, uneven rental payments required by the Company’s 99-year ground and air rights lease for the 100 Clarendon Street garage and Back Bay Transit Station in Boston, MA, and to make period-to-period comparisons more meaningful to investors, the adjustment does not include the straight-line impact of approximately $(17) and $(190) for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the Company has remaining lease payments aggregating approximately $28.6 million, all of which it expects to incur by the end of 2026 with no payments thereafter. Under GAAP, the Company recognizes expense of $(87) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2026 may vary significantly.

2Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP.

Q2 2024
Consolidated Income Statement - prior year

(unaudited and in thousands, except per share amounts)

Three Months Ended
30-Jun-23 31-Mar-23
Revenue
Lease $ 761,733 $ 756,875
Parking and other 26,054 23,064
Insurance proceeds 930 945
Hotel revenue 13,969 8,101
Development and management services 9,858 8,980
Direct reimbursements of payroll and related costs from management services contracts 4,609 5,235
Total revenue 817,153 803,200
Expenses
Operating 150,735 147,182
Real estate taxes 137,566 139,432
Demolition costs 738 2,275
Restoration expenses related to insurance claim 1,997 2,419
Hotel operating 8,161 6,671
General and administrative 44,175 55,802
Payroll and related costs from management services contracts 4,609 5,235
Transaction costs 308 911
Depreciation and amortization 202,577 208,734
Total expenses 550,866 568,661
Other income (expense)
Loss from unconsolidated joint ventures (6,668) (7,569)
Gains from investments in securities 1,571 1,665
Interest and other income (loss) 17,343 10,941
Unrealized gain on non-real estate investment 124 259
Interest expense (142,473) (134,207)
Net income 136,184 105,628
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships (19,768) (18,660)
Noncontrolling interest - common units of the Operating Partnership (12,117) (9,078)
Net income attributable to BXP, Inc. $ 104,299 $ 77,890
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to BXP, Inc. per share - basic $ 0.67 $ 0.50
Net income attributable to BXP, Inc. per share - diluted $ 0.66 $ 0.50

69

Document

Exhibit 99.2

bxp-colorb.gif

BXP ANNOUNCES SECOND QUARTER 2024 RESULTS

Exceeded Q2 Guidance for EPS and FFO, Executed More Than 1.3 Million Square Feet of Leases in Q2, and Named One of the World’s Most Sustainable Companies by TIME Magazine

BOSTON, MA, July 30, 2024 - BXP, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, reported results today for the second quarter ended June 30, 2024.

Financial Highlights

•Revenue increased 4.1% to $850.5 million for the quarter ended June 30, 2024, compared to $817.2 million for the quarter ended June 30, 2023.

•Net income attributable to BXP, Inc. of $79.6 million, or $0.51 per diluted share (EPS), for the quarter ended June 30, 2024, compared to $104.3 million, or $0.66 per diluted share, for the quarter ended June 30, 2023.

•Funds from Operations (FFO) of $278.4 million, or $1.77 per diluted share, for the quarter ended June 30, 2024, compared to FFO of $292.8 million, or $1.86 per diluted share, for the quarter ended June 30, 2023.

•EPS and FFO per share exceeded the mid-points of BXP’s guidance by $0.05 and $0.06 per share, respectively, primarily due to $0.05 per share of lower-than-projected, non-cash interest expense due to the reassessment of the finance lease related to The Skylyne in Oakland, California, which significantly reduced projected future payments to the land owner, and $0.01 per share of greater contributions from portfolio operations.

Guidance

BXP provided guidance for third quarter 2024 EPS of $0.54 - $0.56 and FFO of $1.80 - $1.82 per diluted share, and full year 2024 EPS of $2.08 - $2.14 and FFO of $7.09 - $7.15 per diluted share. This represents an increase of approximately $0.08 per share at the midpoint of our guidance provided last quarter for both EPS and FFO per share primarily due to:

•lower-than-projected non-cash interest expense and greater contributions from portfolio operations in the second quarter as described above, and

•an increase in projected contributions from portfolio operations in the second half of 2024, primarily from higher termination income.

See “EPS and FFO per Share Guidance” below.

Leasing & Occupancy

•Executed 73 leases totaling more than 1.3 million square feet with a weighted-average lease term of 9.0 years.

–more–

•BXP’s CBD portfolio of premier workplaces was 90.4% occupied and 92.2% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP). Approximately 88.0% of BXP’s Share of annualized rental obligations is derived from clients located in our CBD portfolio, underscoring the strength of BXP’s strategy to invest in the highest quality buildings in dynamic urban gateway markets.

•BXP’s total portfolio occupancy for the second quarter was 87.1%. This decrease of 110 basis points over the prior quarter is consistent with BXP’s previously communicated expectations and was primarily due to expected lease expirations.

Development

•BXP completed and fully placed in-service 760 Boylston Street, an approximately 118,000 net rentable square feet retail redevelopment located in Boston, Massachusetts. The property is 100% leased to DICK’S Sporting Goods’ Boston House of Sport.

•In July 2024, BXP partially placed in-service Skymark, a luxury residential property in Reston, Virginia that consists of 508 units across a five-story low-rise building and an iconic 39-story tower, which is one of the tallest buildings in Northern Virginia. The residential property is owned by a joint venture in which BXP has a 20% interest.

Balance Sheet & Liquidity

• A joint venture in which BXP has a 50% interest exercised an option to extend by one year the maturity date of its loan collateralized by 100 Causeway in Boston, Massachusetts. The 634,000 square foot premier workplace is 94.6% leased. The extended loan has an outstanding balance of $333.6 million, and an interest rate equal to Term SOFR plus 1.48% per annum. The loan now matures on September 5, 2025.

•Boston Properties Limited Partnership (“BPLP”) established an unsecured commercial paper program. Under the terms of the program, BPLP may issue, from time to time, unsecured commercial paper notes up to a maximum aggregate amount outstanding at any one time of $500.0 million with varying maturities of up to one year. The notes are sold in private placements and rank pari passu with all of BPLP’s other unsecured senior indebtedness, including its outstanding senior notes. The commercial paper program is backstopped by available capacity under BPLP's unsecured revolving credit facility. As of June 30, 2024, BPLP had $500.0 million outstanding under its commercial paper program that bears interest at a weighted-average rate of approximately 5.60% per annum and had a weighted-average maturity of approximately 49 days from the date of issuance.

•BPLP exercised its remaining accordion option under its unsecured revolving credit facility to increase the current maximum borrowing amount under the credit facility from $1.815 billion to $2.0 billion. All other terms of the credit facility, including its expiration date of June 15, 2026, remain unchanged. BPLP has no current borrowings under the credit facility.

•BPLP exercised its one-year extension option on its unsecured term loan facility. The term loan facility will mature on May 16, 2025. After making an approximately $500.0 million optional repayment, the term loan facility has an outstanding principal balance of $700.0 million.

Sustainability & Impact

•In connection with Earth Day, BXP published its 2023 Sustainability & Impact Report, which highlights that, among other things, BXP remains on track to achieve carbon-neutral

–more–

operations by 2025. In conjunction with the publication, BXP hosted its third annual Sustainability & Impact Investor Update on May 15, 2024

•On July 10, 2024, BXP announced that it was named by TIME Magazine and Statista to the inaugural list of the World’s Most Sustainable Companies. BXP ranked #79 overall and was the highest-rated United States property owner.

BXP Update

•On July 1, 2024, BXP formally completed the change of its corporate name from Boston Properties, Inc. to BXP, Inc. Having grown to six regions, the change telegraphed to stakeholders that while Boston remains a key part of BXP’s history, founding, and portfolio, future growth will come throughout its regions: Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP aspires to be the real estate industry partner of choice and premier workplace leader in all of the cities in which it operates, and the evolution of BXP’s name reflects a national, not singular city, focus.

EPS and FFO per Share Guidance:

BXP’s guidance for the third quarter 2024 and full year 2024 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below. Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in this release and those referenced during the related conference call. The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may fluctuate as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.

Third Quarter 2024 Full Year 2024
Low High Low High
Projected EPS (diluted) $ 0.54 $ 0.56 $ 2.08 $ 2.14
Add:
Projected Company share of real estate depreciation and amortization 1.26 1.26 5.06 5.06
Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments — — (0.05) (0.05)
Projected FFO per share (diluted) $ 1.80 $ 1.82 $ 7.09 $ 7.15

The reported results are unaudited and there can be no assurance that these reported results will not vary from the final information for the quarter ended June 30, 2024. In the opinion of

–more–

management, BXP has made all adjustments considered necessary for a fair statement of these reported results.

BXP will host a conference call on Wednesday, July 31, 2024 at 10:00 AM Eastern Time, open to the general public, to discuss the second quarter 2024 results, provide a business update, and discuss other business matters that may be of interest to investors. Participants who would like to join the call and ask a question may register at https://register.vevent.com/register/BIe81a422c2d9e4b3faf2a7adc19cce05a to receive the dial-in numbers and unique PIN to access the call. There will also be a live audio, listen-only webcast of the call, which may be accessed in the Investors section of BXP’s website at https://investors.bxp.com/events-webcasts. Shortly after the call, a replay of the call will be available on BXP’s website at https://investors.bxp.com/events-webcasts for up to twelve months following the call.

Additionally, a copy of BXP’s second quarter 2024 “Supplemental Operating and Financial Data” and this press release are available in the Investors section of BXP’s website at investors.bxp.com.

BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). Including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 53.5 million square feet and 186 properties, including 10 properties under construction/redevelopment. For more information about BXP, please visit our website or follow us on LinkedIn or Instagram.

This press release includes references to “BXP’s Share of annualized rental obligations.” We define rental obligations as the contractual base rents (but excluding percentage rent) and budgeted reimbursements from clients under existing leases. These amounts exclude rent abatements. Further, "annualized rental obligations" is defined as monthly rental obligations, as of the last day of the reporting period, multiplied by twelve (12). "BXP's Share" is based on rental obligations for our consolidated portfolio, plus our share of rental obligations from the unconsolidated joint ventures properties (calculated based on our ownership percentage), minus our partners' share of rental obligations from our consolidated joint venture properties (calculated based on our partners' percentage ownership interests). Our definitions of the foregoing operating metrics may be different than those used by other companies.

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words “anticipates,” “believes,” “budgeted,” “could,” “estimates,” “expects,” “guidance,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “will,” and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond BXP’s control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, the risks and uncertainties related to the impact of changes in general economic and capital market conditions, including continued inflation, high interest rates, supply chain disruptions, labor market disruptions, dislocation and volatility in capital markets, potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the U.S. or global economy, general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, changes in client preferences and space utilization, dependence on clients’ financial condition, and competition from other developers, owners and operators of real estate), the impact of geopolitical conflicts, the immediate and long-term impact of the outbreak of a highly infectious or contagious disease, on our and our clients’ financial condition, results of operations and cash flows (including the impact of actions taken to contain the outbreak or mitigate its impact, the direct and indirect economic effects of the outbreak and containment measures on our clients, and the ability of our clients to successfully operate their businesses), the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate

–more–

hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on BXP’s accounting policies and on period-to-period comparisons of financial results, the uncertainties of costs to comply with regulatory changes (including costs to comply with the Securities and Exchange Commission’s rules to standardize climate-related disclosures) and other risks and uncertainties detailed from time to time in BXP’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance, or achievements. BXP does not undertake a duty to update or revise any forward-looking statement whether as a result of new information, future events or otherwise, except as otherwise required by law.

Financial tables follow.

–more–

BXP, INC.<br><br>CONSOLIDATED BALANCE SHEETS<br><br>(Unaudited)
June 30, 2024 December 31, 2023
(in thousands, except for share and par value amounts)
ASSETS
Real estate, at cost $ 25,840,947 $ 25,504,868
Construction in progress 757,356 547,280
Land held for future development 675,191 697,061
Right of use assets - finance leases 372,896 401,680
Right of use assets - operating leases 344,292 324,298
Less: accumulated depreciation (7,198,566) (6,881,728)
Total real estate 20,792,116 20,593,459
Cash and cash equivalents 685,376 1,531,477
Cash held in escrows 52,125 81,090
Investments in securities 36,844 36,337
Tenant and other receivables, net 82,145 122,407
Note receivable, net 3,155 1,714
Related party note receivables, net 88,779 88,779
Sales-type lease receivable, net 14,182 13,704
Accrued rental income, net 1,414,622 1,355,212
Deferred charges, net 800,099 760,421
Prepaid expenses and other assets 86,188 64,230
Investments in unconsolidated joint ventures 1,418,817 1,377,319
Total assets $ 25,474,448 $ 26,026,149
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net $ 4,371,478 $ 4,166,379
Unsecured senior notes, net 9,797,220 10,491,617
Unsecured line of credit — —
Unsecured term loan, net 698,776 1,198,301
Unsecured commercial paper 500,000 —
Lease liabilities - finance leases 375,601 417,961
Lease liabilities - operating leases 385,842 350,391
Accounts payable and accrued expenses 372,484 458,329
Dividends and distributions payable 172,172 171,176
Accrued interest payable 112,107 133,684
Other liabilities 398,525 445,947
Total liabilities 17,184,205 17,833,785
Commitments and contingencies — —
Redeemable deferred stock units 7,916 8,383
Equity:
Stockholders’ equity attributable to BXP, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding — —
Preferred stock, $0.01 par value, 50,000,000 shares authorized; none issued or outstanding — —
Common stock, $0.01 par value, 250,000,000 shares authorized, 157,176,741 and 157,019,766 issued and 157,097,841 and 156,940,866 outstanding at June 30, 2024 and December 31, 2023, respectively 1,571 1,569
Additional paid-in capital 6,768,686 6,715,149
Dividends in excess of earnings (964,518) (816,152)
Treasury common stock at cost, 78,900 shares at June 30, 2024 and December 31, 2023 (2,722) (2,722)
Accumulated other comprehensive loss (155) (21,147)
Total stockholders’ equity attributable to BXP, Inc. 5,802,862 5,876,697
Noncontrolling interests:
Common units of the Operating Partnership 677,789 666,580
Property partnerships 1,801,676 1,640,704
Total equity 8,282,327 8,183,981
Total liabilities and equity $ 25,474,448 $ 26,026,149

BXP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three months ended June 30, Six months ended June 30,
2024 2023 2024 2023
(in thousands, except for per share amounts)
Revenue
Lease $ 790,555 $ 761,733 $ 1,579,145 $ 1,518,608
Parking and other 34,615 26,984 66,831 50,993
Hotel 14,812 13,969 22,998 22,070
Development and management services 6,352 9,858 12,506 18,838
Direct reimbursements of payroll and related costs from management services contracts 4,148 4,609 8,441 9,844
Total revenue 850,482 817,153 1,689,921 1,620,353
Expenses
Operating
Rental 321,426 291,036 635,583 582,344
Hotel 9,839 8,161 15,854 14,832
General and administrative 44,109 44,175 94,127 99,977
Payroll and related costs from management services contracts 4,148 4,609 8,441 9,844
Transaction costs 189 308 702 1,219
Depreciation and amortization 219,542 202,577 438,258 411,311
Total expenses 599,253 550,866 1,192,965 1,119,527
Other income (expense)
Income (loss) from unconsolidated joint ventures (5,799) (6,668) 13,387 (14,237)
Interest and other income (loss) 10,788 17,343 25,317 28,284
Gains from investments in securities 315 1,571 2,587 3,236
Unrealized gain on non-real estate investment 58 124 454 383
Impairment loss — — (13,615) —
Interest expense (149,642) (142,473) (311,533) (276,680)
Net income 106,949 136,184 213,553 241,812
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships (17,825) (19,768) (35,046) (38,428)
Noncontrolling interest—common units of the Operating Partnership (9,509) (12,117) (19,009) (21,169)
Net income attributable to BXP, Inc. $ 79,615 $ 104,299 $ 159,498 $ 182,215
Basic earnings per common share attributable to BXP, Inc.
Net income $ 0.51 $ 0.67 $ 1.02 $ 1.16
Weighted average number of common shares outstanding 157,039 156,826 157,011 156,815
Diluted earnings per common share attributable to BXP, Inc.
Net income $ 0.51 $ 0.66 $ 1.01 $ 1.16
Weighted average number of common and common equivalent shares outstanding 157,291 157,218 157,210 157,131

BXP, INC.

FUNDS FROM OPERATIONS (1)

(Unaudited)

Three months ended June 30, Six months ended June 30,
2024 2023 2024 2023
(in thousands, except for per share amounts)
Net income attributable to BXP, Inc. $ 79,615 $ 104,299 $ 159,498 $ 182,215
Add:
Noncontrolling interest - common units of the Operating Partnership 9,509 12,117 19,009 21,169
Noncontrolling interests in property partnerships 17,825 19,768 35,046 38,428
Net income 106,949 136,184 213,553 241,812
Add:
Depreciation and amortization expense 219,542 202,577 438,258 411,311
Noncontrolling interests in property partnerships’ share of depreciation and amortization (19,203) (17,858) (37,898) (35,569)
Company’s share of depreciation and amortization from unconsolidated joint ventures 19,827 25,756 40,050 51,401
Corporate-related depreciation and amortization (406) (442) (825) (911)
Non-real estate related amortization 2,130 — 4,260 —
Impairment losses — — 13,615 —
Less:
Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures — — 21,696 —
Unrealized gain on non-real estate investment 58 124 454 383
Noncontrolling interests in property partnerships 17,825 19,768 35,046 38,428
Funds from operations (FFO) attributable to the Operating Partnership (including BXP, Inc.) 310,956 326,325 613,817 629,233
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations 32,557 33,481 64,144 64,371
Funds from operations attributable to BXP, Inc. $ 278,399 $ 292,844 $ 549,673 $ 564,862
BXP, Inc.’s percentage share of funds from operations - basic 89.53 % 89.74 % 89.55 % 89.77 %
Weighted average shares outstanding - basic 157,039 156,826 157,011 156,815
FFO per share basic $ 1.77 $ 1.87 $ 3.50 $ 3.60
Weighted average shares outstanding - diluted 157,291 157,218 157,210 157,131
FFO per share diluted $ 1.77 $ 1.86 $ 3.50 $ 3.59

(1)Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), we calculate Funds from Operations, or “FFO,” by adjusting net income (loss) attributable to BXP, Inc. (computed in accordance with GAAP) for gains (or losses) from sales of properties, including a change in control, impairment losses on depreciable real estate consolidated on our balance sheet, impairment losses on our investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a non-GAAP financial measure, but we believe the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing our operating results because, by excluding gains and losses related to sales or a change in control of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies.

Our calculation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently.

In order to facilitate a clear understanding of the Company’s operating results, FFO should be examined in conjunction with net income attributable to BXP, Inc. as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income attributable to BXP, Inc. (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

BXP, INC.

PORTFOLIO LEASING PERCENTAGES

CBD Portfolio % Occupied by Location (1) % Leased by Location (2)
June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023
Boston 95.3 % 95.9 % 96.3 % 96.4 %
Los Angeles 85.0 % 85.9 % 86.0 % 88.1 %
New York 90.8 % 91.8 % 94.6 % 94.4 %
San Francisco 84.0 % 87.4 % 84.4 % 88.0 %
Seattle 80.2 % 81.8 % 83.0 % 83.1 %
Washington, DC (3) 90.9 % 89.2 % 92.6 % 92.3 %
CBD Portfolio 90.4 % 91.0 % 92.2 % 92.7 %
Total Portfolio % Occupied by Location (1) % Leased by Location (2)
--- --- --- --- --- --- --- --- ---
June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023
Boston 89.8 % 89.9 % 91.2 % 90.3 %
Los Angeles 85.0 % 85.9 % 86.0 % 88.1 %
New York 87.0 % 90.1 % 91.2 % 92.4 %
San Francisco 80.5 % 84.9 % 80.8 % 85.5 %
Seattle 80.2 % 81.8 % 83.0 % 83.1 %
Washington, DC 89.8 % 88.0 % 91.4 % 91.0 %
Total Portfolio 87.1 % 88.4 % 89.1 % 89.9 %

(1)Represents signed leases for which revenue recognition has commenced in accordance with GAAP.

(2)Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates.

(3)During the first quarter of 2024, the Company reassessed the classifications of its assets as either CBD or Suburban and that certain assets such as those in Reston, Virginia are located in areas with characteristics that more closely align with our definition of CBD due to their diverse live, work, and play environment. As a result, these assets are classified as CBD. Comparative period has been updated to reflect the same presentation.

AT BXP

Michael LaBelle

Executive Vice President,

Chief Financial Officer and Treasurer

mlabelle@bxp.com

Helen Han

Vice President, Investor Relations

hhan@bxp.com

#

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